How to treat govt grant for construction of building
This query is : Resolved
30 March 2015
dear sir,
i am auditing a association which is registered under trust and societies act. now my question is the association received 50lakhs grant from government for construction of a community hall.
i want to know that how to treat this receipt in the balance sheet. it is carry forwarded to next years until completion of community hall.
please guide me
regards
raghavendra
i am auditing a association which is registered under trust and societies act. now my question is the association received 50lakhs grant from government for construction of a community hall.
i want to know that how to treat this receipt in the balance sheet. it is carry forwarded to next years until completion of community hall.
please guide me
regards
raghavendra
30 March 2015
you need to refer AS 12 accounting for govt grants.
https://www.mca.gov.in/Ministry/notification/pdf/AS_12.pdf
https://www.mca.gov.in/Ministry/notification/pdf/AS_12.pdf
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