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AS - 12 Accounting for Government Grant
Why in any asset received as a government grant shown at a nominal value as per AS -12? What does Nominal Value of Asset mean? And how it is arrived?
Replies (1)
Nominal Value of the asset will be any value like 10/-, 100/- etc. There is no standard guideline to arrive at the nominal value in AS 12. This is needed to record the GG received free of cost, because the entity has to disclose all its assets and the asset received thru GG has to be shown, but at what value? {remember its FOC}... so standard allows u to record it at nominal value as i have explained above
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