The Accounting Standards Board of Institute of Chartered Accountants of India (ICAI) has released an exposure draft on Amendments to Ind AS 20 - Accounting for Government Grants and Disclosure of Government Assistance. The proposed draft of amendments 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.
The Amendment has been proposed in the following provisions:
· Non-monetary government grants;
· Presentation of grants related to assets;
· Transitional provisions;
· Effective date;
· Comparison with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance and SIC 10 annexed in Appendix 1.
As per the proposed draft, an entity will be required to apply these amendments for the annual periods beginning on or after April 1, 2018.
The comments and suggestions are invited from the stakeholders on this Exposure Draft which should be submitted online on http://www.icai.org/comments/asb/ or sent via email at: firstname.lastname@example.org or by post to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 00.before January 24, 2018.