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Editorial Board on Accounts and Audit

    by CHANDRA on Monday, July 01, 2019 at 10:37 AM

    Dear Sir, We are involved in the EPC contract and we have given a advances to our sub-contractor (vendor) in 18-19 on interest. Advance already given in 18-19 but ineterst is still accrued but not received Kindly share with me disclosure procedure and accounting treatment of the above interest.

    Replied byEditorial Board Wednesday, July 03, 2019 at 11:27 AM

    Refundable Security deposit given is to be treated as financial asset under Ind AS regime.

    The accounting treatment, in the present case is simple because there is no need to do discounting of the security deposit given.
    The entity should simply recognise interest accrued as income and as an asset without any need of discounting of the security given.

    The disclosures are given as per Ind AS 107 and Ind AS 109.

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