Government accounting
This query is : Resolved
Nitesh Parmar
(Querist)
06 June 2014
Dear,
one government department like forest department received grants for some project, out of which they purchased some assets like vehicle. my question is that can depreciation be calculated on such? if yes then please provide rate. and please suggest any accounting standard for the accounting of such grant received by government department.
one government department like forest department received grants for some project, out of which they purchased some assets like vehicle. my question is that can depreciation be calculated on such? if yes then please provide rate. and please suggest any accounting standard for the accounting of such grant received by government department.
06 June 2014
u need to follow as 13 and there is option wheteher to deuct the amount from fixed assets or can take it as deffered income refer as 13
Rupesh Jain
(Expert)
07 June 2014
AS-12 for grant, AS-13 for investment and AS -10 for fixed assets.
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