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What would be the treatment for non monetary government grant? Which standard deal with this?

Increase in retained earnings would be due to net income.

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Question added by Abu Bakar Ashfaq , Senior Consultant , PricewaterhouseCoopers Middle East
Date Posted: 2016/02/13
Fathi Matbaq
by Fathi Matbaq , Senior Purchasing Officer , Alghanim Industries

IAS Accounting for Government Grant and Disclosure of Government Assistance.

Frank Mwansa
by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER

*      Non- monetary  grants , such as land or other resources are usually accounted for at fair value, although recording both the asset and the grant at a nominal amount is permitted.

*      IAS twenty Accounting for government grants and disclosure of government assistance deals with the accounting for government grants.

abood omar
by abood omar , Account Manager , Altawafok corner Est.- Alessa Trading co.- Latin Trading co.

Dr              Cr                                          A/C

xx                                                   provision / accrued Exp. 

                  xx                                              Other Revenues

 

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