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2 Jul. 2020

AASB Staff FAQs on Accounting for Government Support

COVID-19 is having an unprecedented impact on many Australian entities. To stimulate the economy and to support those entities that have been significantly affected by the economic impacts of the Coronavirus, governments are providing a range of financial support to them. For many entities, accounting for government support of this nature will not be something encountered previously. The AASB has released a new Staff FAQs to remind entities of the various Standards that may be applicable to for-profit and not-for-profit entities in accounting for government support.