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of <h1>Indian Government Accounting Standards IGAS 3: Guidelines for Loans, Advances, and Financial Reporting by Union and State Governments.</h1> The Indian Government Accounting Standards (IGAS) 3 outlines the norms for accounting, measurement, valuation, and reporting of loans and advances made by the Union and State Governments. Empowered by Article 293 of the Constitution, the Union Government provides financial assistance to State Governments and other entities. These standards ensure accurate, uniform accounting practices and adequate disclosure in financial statements. Loans are recognized as assets upon disbursement, measured at historical cost, and disclosed in financial statements with details of disbursements, repayments, and arrears. The standards apply to government accounts maintained on a cash basis and became effective from April 1 following their notification.
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