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In April 2001 the International Accounting Standards Board adopted IAS 20 Accounting for Government Grants and Disclosure of Government Assistance , which had originally been issued by the International Accounting Standards Committee in April 1983.
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance outlines how to account for government grants and other assistance. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to ...
A government grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in profit or loss of the period in which it becomes receivable.
International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) is set out in paragraphs 1–48. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB.
IAS 20 provides guidance on how entities should account for benefits received from government grants. Government grants, also referred to as subsidies or subventions, are transfers of resources provided by the government to the reporting entity.
IFRS AT A GLANCE IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. Also refer: SIC-10 Government Assistance – No Specific Relation to Operating Activities. IAS 20 Government Grants. DEFINITION. Government grants: Assistance by government. In the form of transfers of resources to an entity.
Library and Information Service. Expert help with research and access to trustworthy, professional sources. +44 (0)20 7920 8620. library@icaew.com. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance sets out the accounting for, and the disclosure of, government grants and the disclosure of other forms of government ...
The question arises: what grants are within the scope of IAS 20, and what are the specific recognition and measurement criteria related to these grants? This course will enable you to: identify government grant and government assistance in the scope of IAS 20;
Under IAS 20, a company discloses the following information about climate-related government assistance: the nature and extent of government grants recognised in the financial statements and an indication of other forms of government assistance from which it has benefited directly;
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance outlines how to account for government grants and other assistance. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to ...