Accouting standard 12 as for govt,grants
This query is : Resolved
07 October 2013
Dear all,
whether govt,grants to be treated on accrual basis or receipt basis? if so., if grant is granted on 5th mar 2012 and grant is received on 7th Aug 2013 what is the treatment for both the years?
whether govt,grants to be treated on accrual basis or receipt basis? if so., if grant is granted on 5th mar 2012 and grant is received on 7th Aug 2013 what is the treatment for both the years?
07 October 2013
it is to be taken on receipt baisis only.
so take 7.8.2013
so take 7.8.2013
10 October 2013
thank you sampath sir...but according to accounting policy we will be following accrual basis.but for this we are following receipt basis.could you clarify this.
10 October 2013
Yes agreed but this treatment is specifically as per AS 12 on "Accounting for Government Grants" and also if u refer AS -9 on Revenue recognition it specifically says that when income is very certain to be received with no ultimate uncertainity then only it should be recognised else it should be recognise only when it is actually received.
18 October 2013
oh..thank you.sir
18 October 2013
You are welcome.
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