IAS20_06 - IAS 20 International Accounting Standard 20...

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IAS 20 © IASCF 1137 International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance This version includes amendments resulting from new and amended IFRSs issued up to 31 December 2005. One Interpretation relates to IAS 20: SIC-10 Government Assistance—No Specific Relation to Operating Activities .
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IAS 20 1138 © IASCF C ONTENTS paragraphs INTERNATIONAL ACCOUNTING STANDARD 20 ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE SCOPE 1–2 DEFINITIONS 3–6 GOVERNMENT GRANTS 7–33 Non-monetary government grants 23 Presentation of grants related to assets 24–28 Presentation of grants related to income 29–31 Repayment of government grants 32–33 GOVERNMENT ASSISTANCE 34–38 DISCLOSURE 39 TRANSITIONAL PROVISIONS 40 EFFECTIVE DATE 41
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IAS 20 © IASCF 1139 International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance (IAS 20) is set out in paragraphs 1–41. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 20 should be read in the context of the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 20 1140 © IASCF International Accounting Standard 20 Accounting for Government Grants and Disclosure of Government Assistance Scope 1 This Standard shall be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. 2 This Standard does not deal with: (a) the special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or in supplementary information of a similar nature; (b) government assistance that is provided for an entity in the form of benefits that are available in determining taxable income or are determined or limited on the basis of income tax liability (such as income tax holidays, investment tax credits, accelerated depreciation allowances and reduced income tax rates); (c) government participation in the ownership of the entity; (d) government grants covered by IAS 41 Agriculture . Definitions 3 The following terms are used in this Standard with the meanings specified: Government refers to government, government agencies and similar bodies whether local, national or international. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or the imposition of trading constraints on competitors.
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