List of examples
IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance – applied for the first time more than twenty-five years ago. [IAS 20.41]. After such a period of time it is perhaps not surprising that the standard is showing its age. The standard, in fact, pre-dates the IASB’s Framework and the IASB itself notes that it is inconsistent with it,1 resulting in the recognition in the balance sheet of deferred debits and credits that do not meet the Framework’s definitions of assets and liabilities and allowing a method of presentation that could result in an understatement of assets ...