Explain Monetary And Non - Monetary Grunts As Per Ind . As - 20 Or As - 12
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The method of accounting for any grant is always based on the nature of grant received. The grants are recognized only where a certainty exists for the fulfilment of conditions and ultimate collection of such grants.
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If it can be converted into cash easily, the asset is considered a monetary asset. Liquid assets are assets that can easily be converted into cash in a short amount of time.
If it cannot be readily converted to cash or a cash equivalent in the short term, then it is considered a nonmonetary asset.
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