FAQs on accounting for government support
Dan Wade • September 23, 2020
FAQs on accounting for government support
The Australian Accounting Standards Board has released staff-paper FAQs on Accounting for Government Support to identify standards that might be applied by for-profit and not-for-profit entities in accounting for COVID-19 government support.
To stimulate the economy and support entities affected most by the pandemic, governments are providing a range of financial support.
For many entities, accounting for it will be new (see https://www.aasb.gov.au/admin/file/content102/c3/Staff_FAQs_Gov_Grants_07_20.pdf ) .
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