International Financial Reporting Standards (IFRS)

IFRS for Small and Medium-sized Entities (SMEs)
Section 24: Government Grants

1. Government grant
--> government assistance provided
--> when certain conditions of operating activities are met

2. Grant without future performance conditions
--> is recognised in income
--> when grant proceeds become receivable

3. Grant with future performance conditions
--> is recognised in income
--> when performance conditions are met

4. Grant received
--> before revenue is recognised
--> is recognised as a liability

5. Grants are measured at
--> fair value of the asset
--> received or receivable