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government grants

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › government grants

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • November 27, 2015 at 7:14 am #285628
    sasha
    Member
    • Topics: 99
    • Replies: 141
    • ☆☆☆

    In july 2002, there was a Grant of CU 10 000 to cover the expenses for ecological measures during 20X2 – 20X5. ABC assumes to spend CU 3 000 in 20X2-20X4 and CU 2 000 in 20X5 (CU 14 000 in total).

    sir do we have to capitalize the grant 10000 in SOFP? I could not get how to account this amount in financial statements..

    November 27, 2015 at 10:17 am #285667
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    How do you get to $14,000? (3 x $3,000) + (1 x $2,000) does not come to $14,000!

    I would credit $10,000 to a deferred income account and then spread over the next four years on a pro-rata basis

    November 29, 2015 at 11:39 am #286110
    sasha
    Member
    • Topics: 99
    • Replies: 141
    • ☆☆☆

    sir why government grants are called liability? do we have to pay back to government?

    November 29, 2015 at 9:55 pm #286224
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    We may need to – it depends upon any conditions applicable to the grant award. It may be that it’s unconditional or it may be that we need to continue to satisfy the grant conditions and, if we don’t, we need to repay the grant

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