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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
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