AASB 120 - Accounting for Government Grants and Disclosure of Government Assistance - July 2004
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CONTENTS
COMPILATION DETAILS
Comparison With IAS 20
Accounting Standard
AASB 120 Accounting for Government Grants and Disclosure of Government Assistance
Paragraphs
Application Aus1.1 – Aus1.7
Scope 1 – 2
Definitions 3 – 6
Government Grants 7 – 22
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
Effective Date 43 – 48
DELETED IAS 20 TEXT Page 12
Australian Accounting Standard AASB 120 Accounting for Government Grants and Disclosure of Government Assistance (as amended) is set out in paragraphs Aus1.1 – 48. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 120 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.