Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 34 Specialised Activities
Section PBE34.64 – Incoming Resources from Non-Exchange Transactions
PBE34.64The requirements for government grants are set out in Section 24 Government Grants. [AMD 576]
PBE34.65Paragraphs PBE34.67 to PBE34.74 and the accompanying guidance at Appendix B to this section apply to other resources received from non-exchange transactions by public benefit entities or entities within a public benefit entity group. A non-exchange transaction is a transaction whereby an entity receives value from another entity without directly giving approximately equal value in exchange or gives value to another entity without directly receiving approximately equal value in exchange.
PBE34.66Non-exchange transactions include, but are not limited to, donations (of cash, goods, and services) and legacies.
AMD 576

Amendment

Paragraph PBE34.64 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

PBE34.64 The accounting for government grants is addressed in Section 24 Government Grants.
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