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    Question

    The accounting for 'Government Grants' is prescribed

    under:
    A AS 12 Correct Answer Incorrect Answer
    B AS 15 Correct Answer Incorrect Answer
    C AS 16 Correct Answer Incorrect Answer
    D AS 20 Correct Answer Incorrect Answer

    Solution

    Accounting Standard (AS) 12, "Accounting for Government Grants," specifies the accounting treatment for government grants, including the recognition criteria and how they should be presented in the financial statements (either as income or as a deduction from the related expense/asset).

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