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<h1>Comparison of ICDS VII, AS 12, and Ind AS 20: Key Differences in Accounting for Government Grants</h1> The document compares three standards for accounting government grants: ICDS VII, AS 12, and Ind AS 20. All three require reasonable assurance of compliance with grant conditions before recognition. ICDS VII and Ind AS 20 are similar to Indian GAAP in general recognition principles. For refunds, ICDS VII increases asset cost or written-down value, while AS 12 and Ind AS 20 adjust the book value or deferred income. Refunds not related to fixed assets are charged to the profit and loss statement if they exceed unamortized deferred credits. Ind AS 20 also addresses the repayment of grants related to income and non-fixed assets.
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