This project had started as part of the IASB's short-term convergence project designed to eliminate a variety of differences between International Financial Reporting Standards and US GAAP. However, the project has evolved into a stand-alone (non-convergence) IASB project to reconsider IAS 20 Accounting for Government Grants and Disclosure of Government Assistance.
Current status of the project
Work on the government grants project has been deferred pending progress in the revenue recognition and emissions trading schemes projects. The Board will consider whether to restart the project as part of its three-yearly agenda consultation process.
|September 2005||IASB added a project on emissions trading schemes|
|February 2006||Work on the government grants project deferred|