Changes to IASB February meeting agenda
17 Feb 2006
The IASB has made two changes to the agenda for its meeting next week, which we had announced in our News Story of 3 February 2006, which we have revised.
The government grants project had started as part of the IASB's short-term convergence project with FASB. However, it has evolved into a stand-alone (non-convergence) IASB project to reconsider IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. The stated objective of the project is to amend IAS 20 by applying the accounting model for government grants contained in IAS 41 Agriculture to all government grants. The IAS 41 model establishes the following principles for recognising grants related to assets measured at fair value through profit and loss:
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