Indian Government Accounting Standard 3 on Loans and Advance made by Governments
The objective of the Standard is to lay down the norms for Recognition, Measurement, Valuation and Reporting in respect of Loans and Advances made by the Union and the State Governments in their respective Financial Statements to ensure complete, accurate, and uniform accounting practices, and to ensure adequate disclosure on Loans and Advances made by the Governments consistent with best international practices.
(1) This Standard applies to Loans and Advances given by the Government for incorporation and presentation in the Financial Statements of the Government.
(2) The financial statements shall not be described as complying with this Standard unless they comply with all the requirements contained therein. This standard shall apply only to government accounts being maintained on a cash basis.