Government Assistance Flashcards
1
Q
When is Government assistance recognized
A
When there is reasonable assurance of both
- Compliance with the conditions of the assistance received
- that the government assistance will be received
2
Q
How is a forgivable loan treated from gov’t
A
The same way as a government assistance
3
Q
A Replayable loan from gov’t with better than normal interest terms - How is this treated
A
The actual loan and interest are normally but there is a benefit from the low interest rate. The imputed interest rate benefit is treated as a govt grant
