As 1

Kamal Kumar

The co. accepted ICDS to relieve from its tight liquidity position since most of the assets are blocked in court and also lot of claims against the co. for varied interest rates . And the co. not made any provision since as per the terms of contract it provided interest but it thinks these are claims only and not regarding debt against the co., so simply disclose in notes of accounts and which is violated by As 1. Because, as per prudence concept, any anticipated profit or loss which should be provided.

Kamal Kumar

The co. accepted ICDS to relieve from its tight liquidity position since most of the assets are blocked in court and also lot of claims against the co. for varied interest rates . And the co. not made any provision since as per the terms of contract it provided interest but it thinks these are claims only and not regarding debt against the co., so simply disclose in notes of accounts and which is violated by As 1. Because, as per prudence concept, any anticipated profit or loss which should be provided.

CA Suraj Lakhotia Admin

Anticipated Profits should not be provided.

CA Suraj Lakhotia Admin

Only if it is reasonably certain that you would receive it.