ICAI Exposure Draft of Amendments to Ind AS 20-Accounting for Government Grants and Disclosure of Government Assistance. Last date for Comments is January 24, 2018.
Amendments have been proposed in Ind AS 20 to allow the options to present non-monetary government grants at nominal value and government grants related to assets by deducting the same from the carrying amount of the asset.
Under the existing AS, non-monetary government grants ( i.e. land or other resources) the fair value of the non-monetary asset, both grant and asset are accounted for at that fair value. However the revised AS provides that alternative course that is sometimes followed is to record both asset and grant at a nominal amount.
In Ind AS 20, paragraphs 23-28 and 32 have been amended. Paragraphs 33 and 40-48A have been added. Deleted text is struck through and new text is underlined.
Comments can be submitted using one of the following methods, so as to be received not later than January 24, 2018.
1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comments online. (Preferred method)
2. Email: Comments can be sent to firstname.lastname@example.org
3. Postal: Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.
Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to email@example.com.