Question

accounting standard government grant​

Answer 1

Answer:

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 compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset.

IAS 20 was issued in April 1983 and is applicable to annual periods beginning on or after 1 January 1984.

History of IAS 20

September 1981 Exposure Draft E21 Accounting for Government Grants and Disclosure of Government Assistance

April 1983 IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

1 January 1984 Effective date of IAS 20 (1983)

1994 IAS 20 (1983) was reformatted

22 May 2008 IAS 20 amended for Annual Improvements to IFRSs 2007 to bring it in line with IAS 39 in respect of loans with the below market-rate of interest

1 January 2009 Effective date of May 2008 amendment to IAS 20