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of <h1>Government Grants Under ICDS VII: Recognize Revenue Upon Receipt Unless Conditions Unmet; Refunds Require Reversal.</h1> The document discusses the recognition of government grants under the Income Computation and Disclosure Standards (ICDS) VII. It states that revenue recognition of grants cannot be postponed beyond the date of receipt. However, if the conditions attached to the grant are not fulfilled, the grant may become refundable, requiring a reversal of its initial recognition. The ICDS mandates that such reversals should first address any unamortized deferred credit. Therefore, grants should only be recognized as income when there is certainty in fulfilling the attached conditions, aligning with the real income theory that income should not be contingent.
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