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Hello!
Could you help me with this standart, please?
In which situation the whole amount of the grant is going to P/L in the first year and there are no liabilities at SFP?
Thanks in advance!
Hi,
If you receive the grant in relation to revenue expenditure incurred, and not a capital grant, and the expense has been incurred in the current year then the grant is matched against the cost incurred in the year and so there is no outstanding liability.
Thanks
Please I have a question concerning government grants example 7…..
1) why did we debit deferred income with 200?
2) why was 200 given to current liabilities and 1600 to Non current liabilities?
3) why did we debit Bank and credit deferred income with $2mil?Thanks.
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