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Saturday 01 November 2014

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IASB meeting summaries and observer notes


 IASB Meeting January 2003


 

The Board considered IAS 20 Accounting for Government Grants and Disclosure of Government Assistance and agreed that it should be withdrawn and replaced with a new IFRS.

The Board discussed various alternatives for its replacement, focusing on the recognition issues posed by entities receivingconditional government grants, and instructed the staff to consider further the differences between the approach for the recognition of conditional contributions under US GAAP (FAS 116 Accounting for Contributions Received and Contributions Made) and Australian GAAP (UIG-11 Accounting for Contributions of, or Contributions for the Acquisition of, Non-Current Assets).

The Board tentatively agreed that, should it be unable to resolve on a timely basis the differing views for the treatment of conditional grants, it would use its existing guidance for government grants contained in IAS 41 Agriculture as the basis of a new IFRS, pending completion of its project on Revenue Recognition.

Date: 1/22/2003