IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.docx
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IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.docx
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IAS20AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance
IAS20AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance
ThisversionincludesamendmentsresultingfromnewandamendedIFRSsissuedupto31December2004.
OneInterpretationrelatestoIAS20:
●SIC-10GovernmentAssistance-NospecificRelationtoOperatingActivities.
InternationalAccountingStandard20AccountingforGovernentGrantsandDisclosureofGovernmentAssistance(IAS20)issetoutinparagraphs1-41.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS20shouldbereadinthecontextofthePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccoutingpolitiesintheabsenceofexplicitguidance.
ThisStandardiseffectiveforfinancialstatementscoveringannualperiodsbeginningonorafter1January1984.
InMay1999,IAS10EventsAftertheBalanceSheetDate,amendedparagraph11.Theamendedtextiseffectiveforfinancialstatementscoveringannualperiodsbeginningonorafter1January2000.
InJanuary2001,IAS41Agriculture,amendedparagraph2.Theamendedtextiseffectiveforfinancialstatementscoveringannualperiodsbeginningonorafter1January2003.
OneSICInterpretationrelatestoIAS20:
SIC-10,GovernmentAssistance-NoSpecificRelationtoOperatingActivities.
InternationalAccountingStandard20AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance(IAS20)issetoutinparagraphs1-41.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS20shouldbereadinthecontextofthePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.Theseprovideabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Scope
1.ThisStandardshallbeappliedinaccountingfor,andinthedisclosureof,governmentgrantsandinthedisclosureofotherformsofgovernmentassistance.
2.ThisStandarddoesnotdealwith:
(a)thespecialproblemsarisinginaccountingforgovernmentgrantsinfinancialstatementsreflectingtheeffectsofchangingpricesorinsupplementaryinformationofasimilarnature;
(b)governmentassistancethatisprovidedforanenterpriseintheformofbenefitsthatareavailableindeterminingtaxableincomeoraredeterminedorlimitedonthebasisofincometaxliability(suchasincometaxholidays,investmenttaxcredits,accelerateddepreciationallowancesandreducedincometaxrates);
(c)governmentparticipationintheownershipoftheenterprise;
(d)governmentgrantscoveredbyIAS41,Agriculture.
Definitions
3.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Governmentreferstogovernment,governmentagenciesandsimilarbodieswhetherlocal,nationalorinternational.
Governmentassistanceisactionbygovernmentdesignedtoprovideaneconomicbenefitspecifictoanenterpriseorrangeofenterprisesqualifyingundercertaincriteria.GovernmentassistanceforthepurposeofthisStandarddoesnotincludebenefitsprovidedonlyindirectlythroughactionaffectinggeneraltradingconditions,suchastheprovisionofinfrastructureindevelopmentareasortheimpositionoftradingconstraintsoncompetitors.
Governmentgrantsareassistancebygovernmentintheformoftransfersofresourcestoanenterpriseinreturnforpastorfuturecompliancewithcertainconditionsrelatingtotheoperatingactivitiesoftheenterprise.Theyexcludethoseformsofgovernmentassistancewhichcannotreasonablyhaveavalueplaceduponthemandtransactionswithgovernmentwhichcannotbedistinguishedfromthenormaltradingtransactionsoftheenterprise.[1]
Grantsrelatedtoassetsaregovernmentgrantswhoseprimaryconditionisthatanenterprisequalifyingforthemshouldpurchase,constructorotherwiseacquirelong-termassets.Subsidiaryconditionsmayalsobeattachedrestrictingthetypeorlocationoftheassetsortheperiodsduringwhichtheyaretobeacquiredorheld.
Grantsrelatedtoincomearegovernmentgrantsotherthanthoserelatedtoassets.
Forgivableloansareloanswhichthelenderundertakestowaiverepaymentofundercertainprescribedconditions.
Fairvalueistheamountforwhichanassetcouldbeexchangedbetweenaknowledgeable,willingbuyerandaknowledgeable,willingsellerinanarm'slengthtransaction.
[1]SeealsoSIC-10,GovernmentAssistance-NoSpecificRelationtoOperatingActivities.
4.Governmentassistancetakesmanyformsvaryingbothinthenatureoftheassistancegivenandintheconditionswhichareusuallyattachedtoit.Thepurposeoftheassistancemaybetoencourageanenterprisetoembarkonacourseofactionwhichitwouldnotnormallyhavetakeniftheassistancewasnotprovided.
5.Thereceiptofgovernmentassistancebyanenterprisemaybesignificantforthepreparationofthefinancialstatementsfortworeasons.Firstly,ifresourceshavebeentransferred,anappropriatemethodofaccountingforthetransfermustbefound.Secondly,itisdesirabletogiveanindicationoftheextenttowhichtheenterprisehasbenefitedfromsuchassistanceduringthereportingperiod.Thisfacilitatescomparisonofanenterprise'sfinancialstatementswiththoseofpriorperiodsandwiththoseofotherenterprises.
6.Governmentgrantsaresometimescalledbyothernamessuchassubsidies,subventions,orpremiums.
GovernmentGrants
7.Governmentgrants,includingnon-monetarygrantsatfairvalue,shouldnotberecogniseduntilthereisreasonableassurancethat:
(a)theenterprisewillcomplywiththeconditionsattachingtothem;and
(b)thegrantswillbereceived.
8.Agovernmentgrantisnotrecogniseduntilthereisreasonableassurancethattheenterprisewillcomplywiththeconditionsattachingtoit,andthatthegrantwillbereceived.Receiptofagrantdoesnotofitselfprovideconclusiveevidencethattheconditionsattachingtothegranthavebeenorwillbefulfilled.
9.Themannerinwhichagrantisreceiveddoesnotaffecttheaccountingmethodtobeadoptedinregardtothegrant.Thusagrantisaccountedforinthesamemannerwhetheritisreceivedincashorasareductionofaliabilitytothegovernment.
10.Aforgivableloanfromgovernmentistreatedasagovernmentgrantwhenthereisreasonableassurancethattheenterprisewillmeetthetermsforforgivenessoftheloan.
11.Onceagovernmentgrantisrecognised,anyrelatedcontingentliabilityorcontingentassetistreatedinaccordancewithIAS37,Provisions,ContingentLiabilitiesandContingentAssets.
12.Governmentgrantsshouldberecognisedasincomeovertheperiodsnecessarytomatchthemwiththerelatedcostswhichtheyareintendedtocompensate,onasystematicbasis.Theyshouldnotbecrediteddirectlytoshareholders'interests.
13.Twobroadapproachesmaybefoundtotheaccountingtreatmentofgovernmentgrants:
thecapitalapproach,underwhichagrantiscrediteddirectlytoshareholders'interests,andtheincomeapproach,underwhichagrantistakentoincomeoveroneormoreperiods.
14.Thoseinsupportofthecapitalapproachargueasfollows:
(a)governmentgrantsareafinancingdeviceandshouldbedealtwithassuchinthebalancesheetratherthanbepassedthroughtheincomestatementtooffsettheitemsofexpensewhichtheyfinance.Sincenorepaymentisexpected,theyshouldbecrediteddirectlytoshareholders'interests;and
(b)itisinappropriatetorecognisegovernmentgrantsintheincomestatement,sincetheyarenotearnedbutrepresentanincentiveprovidedbygovernmentwithoutrelatedcosts.
15.Argumentsinsupportoftheincomeapproachareasfollows:
(a)sincegovernmentgrantsarereceiptsfromasourceotherthanshareholders,theyshouldnotbecrediteddirectlytoshareholders'interestsbutshouldberecognisedasincomeinappropriateperiods;
(b)governmentgrantsarerarelygratuitous.Theenterpriseearnsthemthroughcompliancewiththeirconditionsandmeetingtheenvisagedobligations.Theyshouldthereforeberecognisedasincomeandmatchedwiththeassociatedcostswhichthegrantisintendedtocompensate;and
(c)asincomeandothertaxesarechargesagainstincome,itislogicaltodealalsowithgovernmentgrants,whichareanextensionoffiscalpolicies,intheincomestatement.
16.Itisfundamentaltotheincomeapproachthatgovernmentgrantsberecognisedasincomeonasystematicandrationalbasisovertheperiodsnecessarytomatchthemwiththerelatedcosts.Incomerecognitionofgovernmentgrantsonareceiptsbasisisnotinaccordancewiththeaccrualaccountingassumption(seeIAS1,PresentationofFinancialStatements)andwouldonlybeacceptableifnobasisexistedforallocatingagranttoperiodsotherthantheoneinwhichitwasreceived.
17.Inmostcasestheperiodsoverwhichanenterpriserecognisesthecostsorexpensesrelatedtoagovernmentgrantarereadilyascertainableandthusgrantsinrecognitionofspecificexpensesarerecognisedasincomeinthesameperiodastherelevantexpense.Similarly,grantsrelatedtodepreciableassetsareusuallyrecognisedasincomeovertheperiodsandintheproportionsinwhichdepreciationonthoseassetsischarged.
18.Grantsrelatedtonon-depreciableassetsmayalsorequirethefulfilmentofcertainobligationsandwouldthenberecognisedasincomeovertheperiodswhichbearthecostofmeetingtheobligation
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