The Government
of India is empowered by clause (2) of the article 293 of the constitution to
make loans to as may be laid down by the
law made by parliament, any such sums required for purpose of making loan shall
be chargeable to the consolidated Fund of India.
In exercise of
power conferred by Article 150 of the constitution, Government has issued an
accounting standard on loan and advance made by government.
This Accounting
standard deals with 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.
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