Tax and accounting processing of assets that have been taken as a gift

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What is the difference between GAAP Accounting and Tax Accounting?
Posted by:
Mohammad Iqbal Abubaker
05-February-2016

Question added by Haitham Galal , Supervisor Accountant , Eshak Group For Real Estate and Tourism Development
Date Posted: 2013/06/12

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3 Answers

by Jijumon James , SENIOR ACCOUNTANT , BADR AL SAMAA HOSPITAL

Following entry should be passed:

Asset Dr

To Income a/c

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by Abdallah Ahmed Abdallah , chief accountant , Dukes

Included with assets worth1 pound does not reckon with depreciation

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by Muhammad Arshad Kadhar , Head of Internal Audit (Sr. Manager) , National Testing Service Pakistan

The Accounting Treatment for such type of Assets can be studied from the International Accounting Standard -20, Govt.
Grants The standard allows either to record the asset at its fair value or at CU01 i.e.
Nominal Value.
Here CU stands for Currency Unit

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