InternationalAccountingStandard20
AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance
ThisversionincludesamendmentsresultingfromnewandamendedIFRSsissuedupto31December2004.
OneInterpretationrelatestoIAS20:+
SIC-10GovernmentAssistance—NoSpecificRelationtoOperatingActivities.
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CONTENTS
paragraphs
INTERNATIONALACCOUNTINGSTANDARD20ACCOUNTINGFORGOVERNMENTGRANTSANDDISCLOSUREOFGOVERNMENTASSISTANCE
SCOPEDEFINITIONS
GOVERNMENTGRANTS
Non–monetarygovernmentgrants
PresentationofgrantsrelatedtoassetsPresentationofgrantsrelatedtoincomeRepaymentofgovernmentgrantsGOVERNMENTASSISTANCEDISCLOSURE
TRANSITIONALPROVISIONSEFFECTIVEDATE
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1–23–67–332324–2829–3132–3334–38
394041
IAS20
InternationalAccountingStandard20AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance(IAS20)issetoutinparagraphs1–41.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS20shouldbereadinthecontextofthePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
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IAS20
InternationalAccountingStandard20
AccountingforGovernmentGrantsandDisclosureofGovernmentAssistance
Scope
1
ThisStandardshallbeappliedinaccountingfor,andinthedisclosureof,governmentgrantsandinthedisclosureofotherformsofgovernmentassistance.
2
ThisStandarddoesnotdealwith:(a)
thespecialproblemsarisinginaccountingforgovernmentgrantsinfinancialstatementsreflectingtheeffectsofchangingpricesorinsupplementaryinformationofasimilarnature;
(b)
governmentassistancethatisprovidedforanentityintheformofbenefitsthatareavailableindeterminingtaxableincomeoraredeterminedorlimitedonthebasisofincometaxliability(suchasincometaxholidays,investmenttaxcredits,accelerateddepreciationallowancesandreducedincometaxrates);
(c)governmentparticipationintheownershipoftheentity;(d)
governmentgrantscoveredbyIAS41Agriculture.
Definitions
3
ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Governmentreferstogovernment,governmentagenciesandsimilarbodies
whetherlocal,nationalorinternational.
Governmentassistanceisactionbygovernmentdesignedtoprovidean
economicbenefitspecifictoanentityorrangeofentitiesqualifyingundercertaincriteria.GovernmentassistanceforthepurposeofthisStandarddoesnotincludebenefitsprovidedonlyindirectlythroughactionaffectinggeneraltradingconditions,suchastheprovisionofinfrastructureindevelopmentareasortheimpositionoftradingconstraintsoncompetitors.
Governmentgrantsareassistancebygovernmentintheformoftransfersof
resourcestoanentityinreturnforpastorfuturecompliancewithcertainconditionsrelatingtotheoperatingactivitiesoftheentity.Theyexcludethoseformsofgovernmentassistancewhichcannotreasonablyhaveavalueplaceduponthemandtransactionswithgovernmentwhichcannotbedistinguishedfromthenormaltradingtransactionsoftheentity.*Grantsrelatedtoassetsaregovernmentgrantswhoseprimaryconditionisthat
anentityqualifyingforthemshouldpurchase,constructorotherwise
*SeealsoSIC-10GovernmentAssistance—NoSpecificRelationtoOperatingActivities1058IASCF
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acquirelong-termassets.Subsidiaryconditionsmayalsobeattachedrestrictingthetypeorlocationoftheassetsortheperiodsduringwhichtheyaretobeacquiredorheld.
Grantsrelatedtoincomearegovernmentgrantsotherthanthoserelatedto
assets.
Forgivableloansareloanswhichthelenderundertakestowaiverepaymentof
undercertainprescribedconditions.
Fairvalueistheamountforwhichanassetcouldbeexchangedbetweena
knowledgeable,willingbuyerandaknowledgeable,willingsellerinanarm’slengthtransaction.
4
Governmentassistancetakesmanyformsvaryingbothinthenatureoftheassistancegivenandintheconditionswhichareusuallyattachedtoit.Thepurposeoftheassistancemaybetoencourageanentitytoembarkonacourseofactionwhichitwouldnotnormallyhavetakeniftheassistancewasnotprovided.
5
Thereceiptofgovernmentassistancebyanentitymaybesignificantforthepreparationofthefinancialstatementsfortworeasons.Firstly,ifresourceshavebeentransferred,anappropriatemethodofaccountingforthetransfermustbefound.Secondly,itisdesirabletogiveanindicationoftheextenttowhichtheentityhasbenefitedfromsuchassistanceduringthereportingperiod.Thisfacilitatescomparisonofanentity’sfinancialstatementswiththoseofpriorperiodsandwiththoseofotherentities.
6
Governmentgrantsaresometimescalledbyothernamessuchassubsidies,subventions,orpremiums.
Governmentgrants
7
Governmentgrants,includingnon-monetarygrantsatfairvalue,shallnotberecogniseduntilthereisreasonableassurancethat:(a)theentitywillcomplywiththeconditionsattachingtothem;and(b)
thegrantswillbereceived.
8
Agovernmentgrantisnotrecogniseduntilthereisreasonableassurancethattheentitywillcomplywiththeconditionsattachingtoit,andthatthegrantwillbereceived.Receiptofagrantdoesnotofitselfprovideconclusiveevidencethattheconditionsattachingtothegranthavebeenorwillbefulfilled.
9
Themannerinwhichagrantisreceiveddoesnotaffecttheaccountingmethodtobeadoptedinregardtothegrant.Thusagrantisaccountedforinthesamemannerwhetheritisreceivedincashorasareductionofaliabilitytothegovernment.
10
Aforgivableloanfromgovernmentistreatedasagovernmentgrantwhenthereisreasonableassurancethattheentitywillmeetthetermsforforgivenessoftheloan.
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1060Onceagovernmentgrantisrecognised,anyrelatedcontingentliabilityorcontingentassetistreatedinaccordancewithIAS37Provisions,ContingentLiabilitiesandContingentAssets.
Governmentgrantsshallberecognisedasincomeovertheperiodsnecessarytomatchthemwiththerelatedcostswhichtheyareintendedtocompensate,onasystematicbasis.Theyshallnotbecrediteddirectlytoshareholders’interests.
Twobroadapproachesmaybefoundtotheaccountingtreatmentofgovernmentgrants:thecapitalapproach,underwhichagrantiscrediteddirectlytoshareholders’interests,andtheincomeapproach,underwhichagrantistakentoincomeoveroneormoreperiods.
Thoseinsupportofthecapitalapproachargueasfollows:(a)
governmentgrantsareafinancingdeviceandshouldbedealtwithassuchinthebalancesheetratherthanbepassedthroughtheincomestatementtooffsettheitemsofexpensewhichtheyfinance.Sincenorepaymentisexpected,theyshouldbecrediteddirectlytoshareholders’interests;and(b)
itisinappropriatetorecognisegovernmentgrantsintheincomestatement,sincetheyarenotearnedbutrepresentanincentiveprovidedbygovernmentwithoutrelatedcosts.
Argumentsinsupportoftheincomeapproachareasfollows:(a)
sincegovernmentgrantsarereceiptsfromasourceotherthanshareholders,theyshouldnotbecrediteddirectlytoshareholders’interestsbutshouldberecognisedasincomeinappropriateperiods;
(b)
governmentgrantsarerarelygratuitous.Theentityearnsthemthroughcompliancewiththeirconditionsandmeetingtheenvisagedobligations.Theyshouldthereforeberecognisedasincomeandmatchedwiththeassociatedcostswhichthegrantisintendedtocompensate;and
(c)
asincomeandothertaxesarechargesagainstincome,itislogicaltodealalsowithgovernmentgrants,whichareanextensionoffiscalpolicies,intheincomestatement.
Itisfundamentaltotheincomeapproachthatgovernmentgrantsberecognisedasincomeonasystematicandrationalbasisovertheperiodsnecessarytomatchthemwiththerelatedcosts.Incomerecognitionofgovernmentgrantsonareceiptsbasisisnotinaccordancewiththeaccrualaccountingassumption(seeIAS1PresentationofFinancialStatements)andwouldonlybeacceptableifnobasisexistedforallocatingagranttoperiodsotherthantheoneinwhichitwasreceived.
Inmostcasestheperiodsoverwhichanentityrecognisesthecostsorexpensesrelatedtoagovernmentgrantarereadilyascertainableandthusgrantsinrecognitionofspecificexpensesarerecognisedasincomeinthesameperiodastherelevantexpense.Similarly,grantsrelatedtodepreciableassetsareusuallyrecognisedasincomeovertheperiodsandintheproportionsinwhichdepreciationonthoseassetsischarged.
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Grantsrelatedtonon-depreciableassetsmayalsorequirethefulfilmentofcertainobligationsandwouldthenberecognisedasincomeovertheperiodswhichbearthecostofmeetingtheobligations.Asanexample,agrantoflandmaybeconditionalupontheerectionofabuildingonthesiteanditmaybeappropriatetorecogniseitasincomeoverthelifeofthebuilding.
Grantsaresometimesreceivedaspartofapackageoffinancialorfiscalaidstowhichanumberofconditionsareattached.Insuchcases,careisneededinidentifyingtheconditionsgivingrisetocostsandexpenseswhichdeterminetheperiodsoverwhichthegrantwillbeearned.Itmaybeappropriatetoallocatepartofagrantononebasisandpartonanother.
Agovernmentgrantthatbecomesreceivableascompensationforexpensesorlossesalreadyincurredorforthepurposeofgivingimmediatefinancialsupporttotheentitywithnofuturerelatedcostsshallberecognisedasincomeoftheperiodinwhichitbecomesreceivable.
Insomecircumstances,agovernmentgrantmaybeawardedforthepurposeofgivingimmediatefinancialsupporttoanentityratherthanasanincentivetoundertakespecificexpenditures.Suchgrantsmaybeconfinedtoanindividualentityandmaynotbeavailabletoawholeclassofbeneficiaries.Thesecircumstancesmaywarrantrecognisingagrantasincomeintheperiodinwhichtheentityqualifiestoreceiveit,withdisclosuretoensurethatitseffectisclearlyunderstood.
Agovernmentgrantmaybecomereceivablebyanentityascompensationforexpensesorlossesincurredinapreviousperiod.Suchagrantisrecognisedasincomeoftheperiodinwhichitbecomesreceivable,withdisclosuretoensurethatitseffectisclearlyunderstood.
Non–monetarygovernmentgrants
Agovernmentgrantmaytaketheformofatransferofanon-monetaryasset,suchaslandorotherresources,fortheuseoftheentity.Inthesecircumstancesitisusualtoassessthefairvalueofthenon-monetaryassetandtoaccountforbothgrantandassetatthatfairvalue.Analternativecoursethatissometimesfollowedistorecordbothassetandgrantatanominalamount.
Presentationofgrantsrelatedtoassets
Governmentgrantsrelatedtoassets,includingnon-monetarygrantsatfairvalue,shallbepresentedinthebalancesheeteitherbysettingupthegrantasdeferredincomeorbydeductingthegrantinarrivingatthecarryingamountoftheasset.
Twomethodsofpresentationinfinancialstatementsofgrants(ortheappropriateportionsofgrants)relatedtoassetsareregardedasacceptablealternatives.Onemethodsetsupthegrantasdeferredincomewhichisrecognisedasincomeonasystematicandrationalbasisovertheusefullifeoftheasset.
Theothermethoddeductsthegrantinarrivingatthecarryingamountoftheasset.Thegrantisrecognisedasincomeoverthelifeofadepreciableassetbywayofareduceddepreciationcharge.
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Thepurchaseofassetsandthereceiptofrelatedgrantscancausemajormovementsinthecashflowofanentity.Forthisreasonandinordertoshowthegrossinvestmentinassets,suchmovementsareoftendisclosedasseparateitemsinthecashflowstatementregardlessofwhetherornotthegrantisdeductedfromtherelatedassetforthepurposeofbalancesheetpresentation.
Presentationofgrantsrelatedtoincome
29
Grantsrelatedtoincomearesometimespresentedasacreditintheincomestatement,eitherseparatelyorunderageneralheadingsuchas‘Otherincome’;alternatively,theyaredeductedinreportingtherelatedexpense.
30
Supportersofthefirstmethodclaimthatitisinappropriatetonetincomeandexpenseitemsandthatseparationofthegrantfromtheexpensefacilitatescomparisonwithotherexpensesnotaffectedbyagrant.Forthesecondmethoditisarguedthattheexpensesmightwellnothavebeenincurredbytheentityifthegranthadnotbeenavailableandpresentationoftheexpensewithoutoffsettingthegrantmaythereforebemisleading.
31
Bothmethodsareregardedasacceptableforthepresentationofgrantsrelatedtoincome.Disclosureofthegrantmaybenecessaryforaproperunderstandingofthefinancialstatements.Disclosureoftheeffectofthegrantsonanyitemofincomeorexpensewhichisrequiredtobeseparatelydisclosedisusuallyappropriate.
Repaymentofgovernmentgrants
32
Agovernmentgrantthatbecomesrepayableshallbeaccountedforasarevisiontoanaccountingestimate(seeIAS8AccountingPolicies,ChangesinAccountingEstimatesandErrors).Repaymentofagrantrelatedtoincomeshallbeappliedfirstagainstanyunamortiseddeferredcreditsetupinrespectofthegrant.Totheextentthattherepaymentexceedsanysuchdeferredcredit,orwherenodeferredcreditexists,therepaymentshallberecognisedimmediatelyasanexpense.Repaymentofagrantrelatedtoanassetshallberecordedbyincreasingthecarryingamountoftheassetorreducingthedeferredincomebalancebytheamountrepayable.Thecumulativeadditionaldepreciationthatwouldhavebeenrecognisedtodateasanexpenseintheabsenceofthegrantshallberecognisedimmediatelyasanexpense.
33
Circumstancesgivingrisetorepaymentofagrantrelatedtoanassetmayrequireconsiderationtobegiventothepossibleimpairmentofthenewcarryingamountoftheasset.
Governmentassistance
34
Excludedfromthedefinitionofgovernmentgrantsinparagraph3arecertainformsofgovernmentassistancewhichcannotreasonablyhaveavalueplaceduponthemandtransactionswithgovernmentwhichcannotbedistinguishedfromthenormaltradingtransactionsoftheentity.
35
Examplesofassistancethatcannotreasonablyhaveavalueplaceduponthemarefreetechnicalormarketingadviceandtheprovisionofguarantees.Anexampleof
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assistancethatcannotbedistinguishedfromthenormaltradingtransactionsoftheentityisagovernmentprocurementpolicythatisresponsibleforaportionoftheentity’ssales.Theexistenceofthebenefitmightbeunquestionedbutanyattempttosegregatethetradingactivitiesfromgovernmentassistancecouldwellbearbitrary.
36
Thesignificanceofthebenefitintheaboveexamplesmaybesuchthatdisclosureofthenature,extentanddurationoftheassistanceisnecessaryinorderthatthefinancialstatementsmaynotbemisleading.
37Loansatnilorlowinterestratesareaformofgovernmentassistance,butthebenefitisnotquantifiedbytheimputationofinterest.
38
InthisStandard,governmentassistancedoesnotincludetheprovisionofinfrastructurebyimprovementtothegeneraltransportandcommunicationnetworkandthesupplyofimprovedfacilitiessuchasirrigationorwaterreticulationwhichisavailableonanongoingindeterminatebasisforthebenefitofanentirelocalcommunity.
Disclosure
39
Thefollowingmattersshallbedisclosed:(a)theaccountingpolicyadoptedforgovernmentgrants,includingthemethodsofpresentationadoptedinthefinancialstatements;
(b)
thenatureandextentofgovernmentgrantsrecognisedinthefinancialstatementsandanindicationofotherformsofgovernmentassistancefromwhichtheentityhasdirectlybenefited;and(c)
unfulfilledconditionsandothercontingenciesattaching
to
governmentassistancethathasbeenrecognised.
Transitionalprovisions
40
AnentityadoptingtheStandardforthefirsttimeshall:(a)complywiththedisclosurerequirements,whereappropriate;and(b)
either:(i)
adjustitsfinancialstatementsforthechangeinaccountingpolicyinaccordancewithIAS8AccountingPolicies,ChangesinAccountingEstimatesandErrors;or
(ii)applytheaccountingprovisionsoftheStandardonlytograntsor
portionsofgrantsbecomingreceivableorrepayableaftertheeffectivedateoftheStandard.
Effectivedate
41
ThisStandardbecomesoperativeforfinancialstatementscoveringperiodsbeginningonorafter1January1984.
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