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Compiled AASB Standard  AASB 120

Accounting for Government Grants and Disclosure of Government Assistance

This compiled Standard applies to annual periods beginning on or after 1 July 2021.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 July 2021. It incorporates relevant amendments made up to and including 6 March 2020.
Prepared on 21 July 2021 by the staff of the Australian Accounting Standards Board.
Compilation no. 1
Compilation date:  30 June 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2021
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 20
ACCOUNTING STANDARD
AASB 120 ACCOUNTING FOR GOVERNMENT GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE

from paragraph
Scope 1
Definitions 3
Government grants 7
Non-monetary government grants 23
Presentation of grants related to assets 24
Presentation of grants related to income 29
Repayment of government grants 32
Government assistance 34
Disclosure 39
Transitional provisions
Effective date 41
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus48.2
AppendiX
A  Australian simplified disclosures for Tier 2 entities
Compilation Details
Deleted IAS 20 Text

AVailable on the AASB website
Basis for Conclusions on IAS 20

Australian Accounting Standard AASB 120 Accounting for Government Grants and Disclosure of Government Assistance (as amended) is set out in paragraphs 1 – Aus48.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 120 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison