FAQs on research grants updated
The AASB staff FAQs for not-for-profit entities on accounting for research grants have been updated.
The updates include:
- More Q&As
- Clarifying Scenario 1B on grants payable in instalments subject to agreed research activities being carried out, and
- Removing Scenario 2A, which has been included in the illustrative examples accompanying AASB 15.
Dan Wade is the audit expert at Wrights Chartered Accountants, make an appointment to speak with him here.