Discuss the applicability of IGAS 10 (Public Debt and Other Liabilities of Governments: Disclosure Requirements).

The proposed IGAS shall apply to the financial statements prepared by the Union and State Governments and Union Territories with legislature. The IGAS shall also cover “other obligations” as defined in paragraph 4 of this Standard relating to definitions. The IGAS shall not include in its ambit, guarantees and other contingent liabilities and non-binding assurances.