| 24.1 | This section applies to government grants. [AMD 474] |
| PBE24.1A | The accounting for incoming resources from non-exchange transactions other than government grants is addressed in paragraphs PBE34.64 to PBE34.74 and Appendix B to Section 34 Specialised Activities. [AMD 475] |
| 24.2 | Government grants exclude those forms of government assistance that cannot reasonably have a value placed upon them and transactions with government that cannot be distinguished from the normal trading transactions of the entity. |
| 24.3 | This section does not cover government assistance that is provided for an entity in the form of benefits that are available in determining taxable profit (tax loss), or are determined or limited on the basis of income tax liability. Examples of such benefits are income tax holidays, investment tax credits, accelerated depreciation allowances and reduced income tax rates. Section 29 Income Tax covers accounting for taxes based on income. |
| AMD 474 Amendment Paragraph 24.1 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 24.1 This section specifies the accounting for all government grants. A government grant is assistance by government in the form of a transfer of resources to an entity in return for past or future compliance with specified conditions relating to the operating activities of the entity. |
| AMD 475 Amendment Paragraph PBE24.1A added by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 |
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