How to account the interest earned on government grants for specific purposes, but presently parked in FD of bank.plz refer the relevant AS/IND AS
1 Replies
Siva Shankar Reddy K
(Associate Chartered Accountant Indirect Taxes )
(51 Points)
Replied 27 February 2019
As per accounting standard -9 any income earned will be accounted as "interest income" under the head "Other Income".
There is no specific disclosure for the interest earned on government grants for specific purposes, but presently parked in FD of bank.
So you can account as Other income
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