TAILIEUCHUNG - Accounting Standard (AS) 12: Accounting for Government Grants

Premium Deficiency Reserve As mentioned earlier, one view of the unearned premium reserve is that of deferred revenue. But what if it is determined that the deferred revenue will not be sufficient to cover the corresponding losses and expenses? Most accounting systems require the booking of an additional liability (sometimes called a “premium deficiency reserve”) in such a situation. The premium deficiency reserve is generally equal to the difference between the losses and expenses expected from the runoff of the unexpired policy term, and the unearned premium liability already held with respect to the unexpired. | 124 Accounting Standard AS 12 Accounting for Government Grants Contents INTRODUCTION Paragraphs 1-3 Definitions 3 EXPLANATION 4-12 Accounting Treatment of Government Grants 5-11 Capital Approach versus Income Approach 5 Recognition of Government Grants 6 Non-monetary Government Grants 7 Presentation of Grants Related to Specific Fixed Assets 8 Presentation of Grants Related to Revenue 9 Presentation of Grants of the nature of Promoters contribution 10 Refund of Government Grants 11 Disclosure 12 MAIN PRINCIPLES 13-23 Disclosure 23 Accounting Standard AS 12 Accounting for Government Grants This Accounting Standard includes paragraphs set in bold italic type and plain type which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of the General Instructions contained in part A of the Annexure to the Notification. Introduction 1. This Standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies cash incentives duty drawbacks etc. 2. This Standard does not deal with i the special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or in supplementary information of a similar nature ii government assistance other than in the form of government grants iii government participation in the ownership of the enterprise. Definitions 3. The following terms are used in this Standard with the meanings specified Government refers to government government agencies and similar bodies whether local national or international. Government grants are assistance by government in cash or kind to an enterprise for past or future compliance with certain conditions. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of .

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