Accounting for Grants

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The AASB (in association with the NZ Financial Standards Reporting Board) has issued a Joint Exposure Draft on what the future holds regarding accounting for grants.

AASB ED 180 - Income from Non-Exchange Transactions (Taxes & Transfers) was issued on 30/6 with submissions open until 30 November.

Grants of course are considered a Non-Exchange transaction and so this ED will have major impacts on how Councils account for grants and is the only real chance to have your say on the future direction of Grant Accounting.

We will be covering ED 180 in a future edition of LG "Debits & Credits" and cover all the "ins & outs" for subscribers.

You can down load a copy of the ED at:

http://www.aasb.gov.au/admin/file/content105/c9/ACCED180_NZED118_06-09.pdf