As-12
Querist : Anonymous
Dear all,
A Company purchased a depreciable capital asset in 2007 and on the date of purchase there was no certainity regarding the receipt of government grant. However in 2010 it received government subsidy related to that asset. Now my question is that what will be the accounting treatment for subsidy received and whether the depreciation which has been claimed in earlier years will be added back in asset?
Querist : Anonymous
you are required to deduct the amount of government subsidy from the cost of the asset i.e. WDV of the asset in the books
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