whether Inter-Corporatedeposite shown under the head short term laon & advance or Other current assets as per revised sch vi
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Revised schedule vi
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As per Para 8.3.1.19 of the Guidance Note issued by ICAI
8.3.1.19 Deposits classified under Borrowings would include deposits accepted from public and inter corporate deposits which are in the nature of borrowings.
We can draw reference from the above that if in case of borrower, ICD in the nature of borrwoings is classifies under LOng Term / Short Term Borrwoing as the case may be and not the Current/ Non-Current Liability
In the book of lender also, the same should be grouped underthe head "Short Term Loans & Advance" and not "Other Current Asset."
Dear Sonam
Thank you very much....sorry for late reply
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