Government Grants - For-Profit Entities (IAS 20/AASB 120)

Corporate Reporting Insights

BDO's monthly newsletter, Corporate Reporting Insights, keeps you up to date with the latest Australian and global developments in corporate financial and sustainability reporting.

• Final rules issued for JobMaker Scheme (December 2020)
• Accounting for JobKeeper and JobMaker where employee costs have been capitalised (December 2020)
• Accounting for non-refundable research and development incentives (November 2020)
• Accounting for refundable research and development incentives (October 2020)
• Accounting for land tax rebates received by landlords and the impact on outgoings audits (October 2020)
• Accounting for COVID-19 government stimulus measures – Initial and additional cash flow boosts (June 2020)
• Accounting for COVID-19 government stimulus by for-profit and not-for-profit entities – Job keeper payments (May 2020).

BDO Global IFRS Resources

The following publications have been produced by the BDO Global IFRS group:

► IFRS at a Glance

A high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations.

• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
• SIC 10 Government Assistance – No Specific Relation to Operating Activities​.

IFRIC agenda decisions

IFRS Interpretations Committee (the Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. Agenda decisions on this topic include:

• Repayable cash receipts (May 2016) and FAQ.