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Accounting of Assets Received as Grant
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.?
Replies (5)
What is the status, sole proprietorship, partnership firm, Company or LLP ?.
Its a listed Private Company
Report them the usual AS way.
Either as a revenue grant or capital grant
Refer IND AS 20 ...................
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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