ICAI Guide and FAQ on Indian Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance
The Ministry of Corporate Affairs (MCA) vide its notification dated 16th February, 2015 notified Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance which was later amended vide a notification dated 20th November, 2018. The amendment brought in significantly aligned Ind AS 20 with IAS 20
Ind AS 20 is to be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance.
This Educational Material on Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance contains guidance by way of Frequently Asked Questions (FAQs) and illustrations explaining the principles enunciated in the Standard. This publication will provide guidance to the stakeholders in accounting and to reporting entities in disclosure of various government grants and government assistance received
For the benefit of the users it also gives the Major differences between Ind AS 20 and AS 12 (Accounting for Government Grants) and IAS 20 ( Accounting for Government Grants and Disclosure of Government Assistance)
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