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Hi,
It would be great if anyone could guide me through the Audit risks related to the Government grants.
Thanks
Apoorv Khera
Examples of risks of misstatement are most likely to be related to the following (assuming the amount of the grant to be material):
Receipt of a grant does not provide conclusive evidence that conditions attached to it have been or will be fulfilled. There could be a liability to repay.
Grants related to income should be recognised in profit or loss on a systematic basis.
Grants related to assets may be presented as deferred income or deducted from the carrying amount of the asset.
A grant that becomes repayable is accounted for as a change in accounting estimate.
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