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Accounting of Assets Received as Grant

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Dy. GM
28 Points Posted on 22 November 2022
How an asset will be accounted for in the Books which are received through Govt. Grant as free of Cost under Category Plant and Machinary.?
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On 22 November 2022 at 11:19 Report
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GST Practitioner & Accounts
15093 Points Posted on 22 November 2022
What is the status, sole proprietorship, partnership firm, Company or LLP ?.
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On 22 November 2022 at 12:21
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Dy. GM
28 Points Posted on 22 November 2022
Its a listed Private Company
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On 22 November 2022 at 15:17
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Finance
4584 Points Posted on 22 November 2022

Report them the usual AS way.

Either as a revenue grant or capital grant

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On 22 November 2022 at 18:02
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GST Practitioner & Accounts
15093 Points Posted on 22 November 2022
Refer IND AS 20 ...................
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On 22 November 2022 at 21:52
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Finance
4584 Points Posted on 23 November 2022

Yes if you refer Indas, you have advantage like 

Assets & liabilities at closing rate

Incomes and expenditures at spot rate (an average rate is used if fx rates fluctuate very highly) 

 

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On 23 November 2022 at 11:17


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