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In addition to this, the entire cost of the asset is shown at a nominal value in the balance sheet. There can be two types of grants: grants related with depreciable assets and grants related with non-depreciable assets. Government grants pertaining to depreciable assets are treated as deferred income.What is the format of an accounting worksheet?
Format. The accounting worksheet is essentially a spreadsheet that tracks each step of the accounting cycle. The spreadsheet typically has five sets of columns that start with the unadjusted trial balance accounts and end with the financial statements. In other words, an accounting worksheet is basically a spreadsheet that shows all...What is accounting standard 12 for government grants?
Accounting Standard 12 deals with the accounting for government grants. Such grants are offered by the government, government agencies and similar bodies including local, national or international. These government grants are sometimes referred to as subsidies, cash incentives, duty drawbacks etc.How is accounting policy adopted for government grants?
accounting policy adopted by an enterprise for government grants. This includes the methods of presentation in the financial statements. nature and extent of government grants recognized in the financial statements. This includes grants of non-monetary assets given at a concessional rate or free of cost.