SIC-10 — Government Assistance – No Specific Relation to Operating Activities
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Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application of Part I was permitted |
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Published by IASB: |
July 1998 |
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Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
Under SIC-10 Government Assistance - No Specific Relation to Operating Activities, government assistance to enterprises that is aimed at encouragement or long-term support of business activities either in certain regions or industry sectors meets the definition of government grants in IAS 20 Accounting for Government Grants and Disclosure of Government Assistance. Such grants should therefore not be credited directly to shareholders' interests.
History of SIC 10
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
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Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2 |
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January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related Standards
Amendments under consideration
- None