Page 5 - PowerPoint Presentation
P. 5
GOVERNMENT GRANTS AND GOVERNMENT ASSISTANCE
Outcomes
• Identify the scope of the standard.
• Understand the definitions.
• Determine when a government grant should be recognised.
• Account for asset-based grants by either accounting for the grant as
deferred income or by deducting the grant from the asset’s carrying
amount.
• Account for income-based grants by either accounting for the grant as
other income or by deducting the grant from the expense.
• Account for the repayment of government grants.
• Identify government assistance which cannot reasonably have a value
placed upon them.
• Understand the deferred tax effect of government grants.
• Disclose government grants and government assistance in the financial
statements.
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