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of <h1>IGAS 2 Standard: Guidelines for Accounting and Classification of Grants-in-Aid in Government Financial Statements</h1> The Indian Government Accounting Standards (IGAS) 2 outlines the principles for accounting and classification of Grants-in-Aid in government financial statements. It applies to both the Union and State Governments, detailing how grants should be recorded as revenue expenditure or receipts, regardless of their purpose. Grants-in-aid can be in cash or kind, with specific guidelines for recognition and valuation. The standard mandates detailed disclosures in financial statements, including funds released and allocated for capital assets. It emphasizes transparency and proper classification to facilitate accurate financial reporting and future capital planning. This standard became effective from April 1, 2011.
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