IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
Non-current assets | Long Term Assets | Fixed Assets Learning Objectives 1. IAS 16 Property, plant and equipment 2. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 3. IAS 40 Investment Property 4. IAS 23 Borrowing costs ————————————————————————————————————- 1. IAS 16 Property, plant and equipment Definition: Property, plant and equipment are tangible assets held by an entity
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Continue reading IAS 20 ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE : Question: A company receives a 20% grant towards the cost of a new item of machinery, which cost $100,000. The machinery has an expected life of four years and a nil residual value. The expected profits of the company before accounting for depreciation on the new machine or
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