Accounting for Grants Received from MoPNG for O&M Expenditure in the Oil and Gas Sector Under Ind AS Framework
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 4 January, 2025
Latest from Taxmann
This document delves into accounting treatment of grants received by the company from MoPNG for O&M expenses. It covers the guidelines outlined in Ind AS 20, focusing on recognizing grants systematically in profit or loss in accordance with the relevant Indian Accounting Standards.
The case study explains the accounting treatment of grants received by the company from MoPNG for O&M expenses under Ind AS 20. It emphasizes recognizing grants systematically in profit or loss as related expenses are incurred, ensuring compliance with grant conditions and accounting standards. Any excess or advance grants are deferred and recognized over subsequent periods or refunded as required.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
