Increases in economic benefits and as such no different in nature from revenue.
Label(s)
going concern
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
The financial statements are prepared on a going concern basis unless management either intends to liquidate the entity or to cease trading, or has no realistic alternative but to do so.
Label(s)
goodwill
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
An asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised.
Label(s)
government grants
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
Assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity.
Label(s)
grants related to assets
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
Government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets. Subsidiary conditions may also be attached restricting the type or location of the assets or the periods during which they are to be acquired or held.
Label(s)
grants related to income
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
Government grants other than those related to assets.
