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of <h1>Indian Government Accounting Standards 1: Uniform Disclosure of Government Guarantees in Financial Statements</h1> The Indian Government Accounting Standards (IGAS) 1 outlines the disclosure requirements for guarantees provided by the Union, State, and Union Territory Governments. These guarantees cover borrowings, interest payments, and other financial commitments. The standard mandates detailed disclosure in financial statements, including the maximum guaranteed amounts, additions, deletions, and outstanding guarantees. It also requires information on guarantee commissions, invoked guarantees, and any existing Guarantee Redemption or Reserve Funds. The standard aims to ensure uniform and complete disclosure of government guarantees, effective for financial statements from April 1, 2010, onwards.
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