12 June 2013
I have little difference of opinion with Vinita, I believe this is donation income and should be treated in accordance with the IAS 20. so donation income should be credited by debiting the books under assets.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
13 June 2013
Thanks for your efforts.
The problem here is donation is not kind of government grant and not recurring also.
Compare to business of the trust amount what we have received is not materiel.
Based on that I have recommended consider under the Income but not under the assets and nominal value of Rs 1.
But my senior manager is of difference of opinion, though my argument seems to be strong, but not finding documents to support my stand.