Accounting of interest subsidy from state government
This query is : Resolved
CA Jayesh Nimje
(Querist)
21 December 2013
When should the INTEREST SUBSIDY received from state government recognized in the books of accounts? whether on accrual or receipt basis?
Nikhil Kaushik
(Expert)
21 December 2013
the accounting shall be based on normal practice of the entity.
However, recognition should be based on AS 12 Para 6.
However, recognition should be based on AS 12 Para 6.
Nikhil Kaushik
(Expert)
21 December 2013
I hope other experts opine if there is a disagreement on above.
21 December 2013
yes AS 12 needs to complied in this case.
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