AS -12– ACCOUNTING FOR GOVERNMENT GRANTS
1/24/2013
AS -12? ACCOUNTING FOR GOVERNMENT GRANTS
IPC C PA PER 5 A D V A N C ED A C C O UN TIN G C H A PTER 2
C A . A N A N D J. BA N KA
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1/24/2013
PREAMBLE
? Ba sic func tio n o f a ny g o o d g o ve rnme nt is p ro mo ting e c o no mic a nd ind ustria l d e ve lo p me nt o f the c o untry.
? G o ve rnme nt d isc ha rg e s its d uty e ithe r b y und e rta king p ro mo tio na l a c tivitie s o r b y g iving inc e ntive s fo r se le c t ite ms.
? Inc e ntive s in sha p e o f
? Ta x Bre a ks (80HHC ) ? G ra nts
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NEED OF AS-12
? Re c e ip t o f g ra nt is sig nific a nt fo r the p re p a ra tio n o f fina nc ia l sta te me nts fo r two re a so ns...
? Ap p ro p ria te m e tho d o f a c c o unting o f g ra nt is e sse ntia l. ? Use rs o f fina nc ia l sta te me nts must kno w the e xte nt to whic h
the re po rting e ntity ha s b e ne fite d fro m suc h a ssista nc e .
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SCOPE
? De a ls with a c c o unting fo r g o ve rnm e nt g ra nts, b o th c a pita l a nd re ve nue fro m g o ve rnm e nt a g e nc ie s
? G ra nts in the fo rm o f
? Mo ne ta ry - Sub sid ie s, c a sh inc e ntive s, d uty d ra wb a c ks ? No n- Mo ne ta ry ? La nd o r o the r a sse ts/ re so urc e s
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EXCLUSIONS
? This sta te me nt d o e s no t d e a l with
? Ac c o unting fo r g o ve rnme nt g ra nts in fina nc ia l sta te me nts re fle c ting the e ffe c ts o f c ha ng ing p ric e s
? G o ve rnme nt Assista nc e o the r tha n in the fo rm o f G o ve rnme nt G ra nts (e .g . Ta x ho lid a ys, Ta x e xe mp tio n)
? G o ve rnme nt p a rtic ip a tio n in o wne rship o f the e nte rp rise
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