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of <h1>Grants for Non-Depreciable Assets Recognized as Income Over Costs Period, Not Just Year of Receipt per ICDS VII.</h1> Grants received for assets outside the block of depreciable assets must be recognized as income. According to ICDS VII, income recognition should occur over the period the costs are incurred to meet obligations related to these assets. However, this contradicts the mandate of recognizing grants as income only in the year of receipt, as per the Act. Therefore, the Act's provisions take precedence, and grants should only be recognized as income when there is reasonable certainty of receipt, and over the period of incurring related costs.
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