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Home Acts & Rules Direct Taxes Rules Accounting Standards U/s 145(2) Chapters List Income computation and disclosure standards - w.e.f. AY 2017-18 This
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ICDS - 07 - VII Government grants (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

Extract

..... Act, 1961 ('the Act') and this Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent. Scope 1. This Income Computation and Disclosure Standard deals with the treatment of Government grants. The Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, waiver, concessions, reimbursements, etc. 2. This Income Computation and Disclosure Standard does not deal with:- (a) Government assistance other t .....

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ICDS - 07 - VII Government grants (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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..... there is reasonable assurance that (i) the person shall comply with the conditions attached to them, and (ii) the grants shall be received. 4(2) Recognition of Government grant shall not be postponed beyond the date of actual receipt. Treatment of Government Grants 5. Where the Government grant relates to a depreciable fixed asset or assets of a person, the grant shall be deducted from the actual cost of the asset or assets concerned or from the written down value of block of assets to which co .....

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ICDS - 07 - VII Government grants (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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..... be recognised as income of the period in which it is receivable. 9. The Government grants other than covered by paragraphs 5, 6, 7, and 8 shall be recognised as income over the periods necessary to match them with the related costs which they are intended to compensate. 10. The Government grants in the form of non-monetary assets, given at a concessional rate, shall be accounted for on the basis of their acquisition cost. Refund of Government Grants 11. The amount refundable in respect of a Gov .....

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ICDS - 07 - VII Government grants (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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..... ing into account the amount, if any, of the said Government grant recognised for any previous year ending on or before 31st day of March, 2016. Disclosures 14. Following disclosure shall be made in respect of Government grants, namely:- (a) nature and extent of Government grants recognised during the previous year by way of deduction from the actual cost of the asset or assets or from the written down value of block of assets during the previous year; (b) nature and extent of Government grants r .....

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ICDS - 07 - VII Government grants (w.e.f. AY 2017-18) - Accounting Standards U/s 145(2)

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