alleryStart learning →Once a government grant is recognised, any related contingent liability is treated under which Standard?
AInd AS 37
BInd AS 8
CInd AS 12
DInd AS 10
Answer & Solution
Correct answer: A. Ind AS 37
Related contingencies after recognition are handled under Ind AS 37 on provisions and contingencies.
Keep practising Ind AS 20 Government Grants and Ind AS 41 Agriculture
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Related questions
When valuing a below-market government loan benefit, what must the entity consider?Why do income approach supporters reject crediting grants directly to equity?Which view backs the income approach as per Ind AS 20?How many broad approaches to accounting for government grants does Ind AS 20 describe?Why is information on government assistance useful to financial statement users?Why does government typically give grants according to Ind AS 20?Which grape-related step is outside Ind AS 41?Which activity is listed as agricultural activity in Ind AS 41?