CTHRepealedLegislation
AASB 120 - Accounting for Government Grants and Disclosure of Government Assistance - July 2004
Non-monetary Government GrantsNon-monetary Government Grants
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Non-monetary Government Grants
23 A government grant may take the form of a transfer of a non‑monetary asset, such as land or other resources, for the use of the entity. In these circumstances it is usual to assess the fair value of the non‑monetary asset and to account for both grant and asset at that fair value. An alternative course that is sometimes followed is to record both asset and grant at a nominal amount.