What is government grant ?
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Posted by Krishna Chaudhary 6 years, 10 months ago
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Gaurav Seth 6 years, 10 months ago
Dictionary meaning:
An award of financial assistance in the form of money by the federal government to an eligible grantee.
Accounting treatment:
Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate, which in the case of grants related to assets requires setting up the grant as deferred income or deducting it from the carrying amount of the asset.
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