38. The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grantUpon receipt of the grantWhen the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied.When the condition is metWhen the related expenses for which the grant is intended to compensate are incurred

As per the IAS (International Accounting Standard) 20, A government grant will be recognized only…

Answered: The national government receives a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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38. The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grant

1. Upon receipt of the grant
2. When the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied.
3. When the condition is met
4. When the related expenses for which the grant is intended to compensate are incurred

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