Indian Government Accounting Standard 3 on Loans and Advances made by Governments. - S.O. 268(E) - Companies Law

Accounting for government loans: historical cost measurement with carrying amount reporting and mandated three part disclosure.

IGAS 3 mandates recognition of loans as assets on actual disbursement, measurement at Historical Cost with subsequent presentation at carrying amount adjusted for disbursements, repayments and write-offs, and extensive three-part disclosure in Annual Finance Accounts showing opening and closing carrying amounts, separate reporting of interest in arrears, loanee group-wise and sector-wise summaries, detailed major/minor head schedules, and additional disclosures on fresh loans, loans in perpetuity and loans with unsettled terms.