Government grants are to be recognized when there is reasonable certainty that related conditions would be complied with and it is reasonably certain that the grants would be received. Government grant should not be postponed beyond actual receipt date.
Recognition of government grants requires reasonable certainty of compliance and receipt; disclose in income computation accordingly.
Under ICDS VII, government grants are to be recognized when there is reasonable certainty that the related conditions will be complied with and that the grants will be received; such grants should not be postponed beyond the actual receipt date for income computation and disclosure purposes.
Note: It is a system-generated summary and is for quick reference only.