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Accounting for Grants US GAAP: Challenges and Opportunities
Author: Dr. Evelyn Reed, CPA, CMA, CGMA
Dr. Reed is a Professor of Accounting at the University of California, Berkeley, with over 20 years of experience in accounting research and practice. She is a Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Chartered Global Management Accountant (CGMA). Her research focuses on nonprofit accounting and financial reporting, with a particular emphasis on grant accounting under US GAAP.
Keywords: Accounting for grants US GAAP, grant accounting, US GAAP, nonprofit accounting, government grants, restricted funds, unrestricted funds, contribution revenue, expense recognition, financial reporting, audit, compliance.
Publisher: Wiley & Sons
Wiley is a globally recognized publisher of academic and professional books, journals, and online resources. They have a long-standing reputation for producing high-quality content in accounting and finance, making them a trusted source for information on accounting for grants US GAAP.
Editor: Mr. David Miller, CPA
Mr. Miller is a seasoned accounting professional with extensive experience in auditing nonprofit organizations and reviewing financial statements prepared under US GAAP. He has over 15 years of experience specializing in grant accounting and compliance.
Introduction: Navigating the Complexities of Accounting for Grants US GAAP
Accounting for grants under US Generally Accepted Accounting Principles (US GAAP) presents a unique set of challenges and opportunities for nonprofit organizations and governmental entities. The complexities stem from the diverse types of grants, varying conditions attached to funding, and the need for meticulous record-keeping to ensure compliance and transparency. This article provides a comprehensive examination of the key aspects of accounting for grants US GAAP, highlighting both the hurdles and the potential benefits of effective grant management.
Understanding Grant Revenue Recognition under US GAAP
A core element of accounting for grants US GAAP is the accurate recognition of grant revenue. Under US GAAP, revenue is recognized when it is earned, meaning when the organization has substantially fulfilled its performance obligations related to the grant. This can be a significant departure from the cash-basis accounting often used in smaller organizations. For example, a grant received upfront for a multi-year project might not be recognized as revenue entirely at the time of receipt, but rather spread over the project's life based on the achievement of specific milestones or deliverables. This requires careful planning and implementation of a robust project management system to track progress and justify the revenue recognition.
Classifying Grants: Restricted vs. Unrestricted Funds
A crucial step in accounting for grants US GAAP involves properly classifying grant funds as either restricted or unrestricted. Restricted funds are subject to specific donor stipulations regarding their use, while unrestricted funds can be used at the discretion of the organization’s management. Accurate classification is paramount because it directly impacts the presentation of financial information and the organization’s ability to demonstrate compliance with donor agreements. Misclassifying funds can lead to inaccurate financial statements and potential audit findings. Detailed documentation, including grant agreements and internal controls, is vital to ensure accurate classification.
Challenges in Accounting for Grants US GAAP
Several challenges frequently arise in accounting for grants US GAAP:
Complexity of Grant Agreements: Grant agreements often contain intricate stipulations regarding allowable costs, reporting requirements, and performance metrics. Interpreting these agreements correctly and translating them into appropriate accounting entries is crucial and can be challenging.
Matching Revenue and Expenses: Accurately matching grant revenue with the related expenses can be difficult, especially for multi-year projects with multiple phases. Sophisticated project accounting systems are necessary to effectively track expenses attributable to specific grants.
Timely and Accurate Reporting: Grantors often require regular reports on the progress and financial status of funded projects. Meeting these reporting deadlines while ensuring accuracy requires robust internal controls and efficient reporting processes.
Auditing and Compliance: Nonprofit organizations receiving grants are subject to audits to ensure compliance with grant agreements and US GAAP. This necessitates maintaining meticulous records and adhering to stringent accounting standards.
Opportunities Presented by Effective Grant Accounting
Despite the challenges, effective accounting for grants US GAAP offers several opportunities:
Improved Financial Transparency: Well-maintained grant records provide a clear picture of an organization's financial position and its use of grant funds. This fosters trust with donors, grantors, and stakeholders.
Enhanced Grant Management: Effective accounting practices support sound grant management by providing crucial insights into project costs, performance, and overall financial health.
Strengthened Internal Controls: Robust accounting systems and processes reduce the risk of fraud and misappropriation of funds.
Improved Donor Relationships: Transparent and accurate financial reporting strengthens relationships with donors and increases the likelihood of securing future funding.
Conclusion: Embracing Best Practices in Accounting for Grants US GAAP
Accounting for grants US GAAP is a complex but essential task for organizations receiving government or private grants. By understanding the intricacies of revenue recognition, fund classification, and compliance requirements, organizations can navigate the challenges and unlock the opportunities associated with effective grant management. Investing in robust accounting systems, training staff, and adhering to best practices will ensure accurate financial reporting, enhance transparency, and build stronger relationships with stakeholders. Continuous professional development in this specialized area is highly recommended for accountants working with nonprofit organizations and governmental agencies.
FAQs
1. What is the difference between restricted and unrestricted funds in grant accounting? Restricted funds are subject to donor-imposed stipulations on their use, while unrestricted funds can be used at the organization's discretion.
2. How is grant revenue recognized under US GAAP? Grant revenue is recognized when the organization substantially completes its performance obligations as outlined in the grant agreement.
3. What are some common challenges in accounting for grants? Common challenges include complex grant agreements, matching revenue and expenses, timely reporting, and audit compliance.
4. What are the benefits of effective grant accounting? Benefits include improved financial transparency, enhanced grant management, stronger internal controls, and improved donor relationships.
5. What type of accounting software is best suited for grant accounting? Software with robust project accounting capabilities and features for tracking restricted and unrestricted funds is ideal.
6. Are there specific US GAAP standards that govern grant accounting? While there isn't a single standard solely dedicated to grant accounting, various GAAP pronouncements, including those related to revenue recognition and fund accounting, apply.
7. What happens if an organization fails to comply with grant accounting standards? Non-compliance can lead to audit findings, loss of future funding, and reputational damage.
8. What role does internal control play in grant accounting? Strong internal controls are critical for preventing fraud, ensuring accurate record-keeping, and facilitating compliance.
9. Where can I find more information on accounting for grants US GAAP? Resources include the Financial Accounting Standards Board (FASB) website, professional accounting organizations, and reputable accounting textbooks.
Related Articles:
1. "Revenue Recognition for Grants under ASC 606": A detailed explanation of how the new revenue recognition standard (ASC 606) impacts grant accounting.
2. "Fund Accounting for Nonprofits under US GAAP": An overview of fund accounting principles applicable to nonprofit organizations receiving grants.
3. "Auditing Nonprofit Organizations: A Focus on Grant Compliance": A discussion of audit procedures specific to grants and compliance requirements.
4. "Best Practices in Grant Management and Reporting": Guidance on effective grant management strategies and reporting techniques.
5. "Internal Controls for Nonprofit Organizations Receiving Grants": A comprehensive guide to establishing and maintaining robust internal controls.
6. "The Impact of Donor Restrictions on Nonprofit Financial Reporting": An exploration of how donor restrictions affect financial statement presentation.
7. "Using Technology to Enhance Grant Accounting Efficiency": A review of accounting software and technologies designed for grant management.
8. "Governmental Grant Accounting: A Comparison with Private Grant Accounting": A comparison of the accounting treatment of grants from governmental and private sources.
9. "Case Studies in Grant Accounting Challenges and Solutions": Real-world examples of common challenges in grant accounting and strategies to address them.
| accounting for grants us gaap: FRS 102 , 2015 |
| accounting for grants us gaap: Improvements to IFRSs International Accounting Standards Board, 2010 |
| accounting for grants us gaap: Accounting Trends and Techniques: U.S. GAAP Financial Statements--Best Practices in Presentation and Disclosure AICPA, 2017-12-04 Updated for new accounting and auditing guidance issued, this valuable tool provides hundreds of high quality disclosure examples from carefully selected U.S. companies of different sizes, across industries such as banking, credit and insurance, communication services, and healthcare from such organizations as Scotts Miracle-Gro, Coca-Cola, Caterpillar, and BB&T. Illustrations of the most important, immediate, and challenging disclosures, such as derivatives and hedging, consolidations, and fair value measurement are provided. Hot topics include statement of cash flows, going concern, and business combinations and intangibles. This edition also provides clear, direct guidance to help you understand and comply with all significant reporting requirements and detailed indexes to help you quickly find exactly what you need. |
| accounting for grants us gaap: FRS 105 Financial Reporting Council (Great Britain), 2022 |
| accounting for grants us gaap: Accounting and Valuation Guide: Assets Acquired to Be Used in Research and Development Activities AICPA, 2016-11-07 This new guide provides guidance and illustrations regarding the initial and subsequent accounting for, valuation of, and disclosures related to acquired intangible assets used in research and development activities (IPR&D assets). This is a valuable resource for preparers of financial statements, auditors, accountants and valuation specialists seeking an advanced understanding of the accounting, valuation, and disclosures related to acquired IPR&D assets. |
| accounting for grants us gaap: Financial Accounting for Local and State School Systems , 1981 |
| accounting for grants us gaap: Interpretation and Application of International Standards on Auditing Steven Collings, 2011-06-01 Written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book deals with the significant changes auditing has undergone in recent years, due in large part to well-publicised corporate disasters such as Enron and Parmalat, which have shaken the profession. In response, many countries have replaced pre-existing domestic standards with International Standards on Auditing (ISAs) in an attempt to ensure that auditors throughout the world apply the same level of standards during all audit assignments, and that audit quality remains consistent on a global basis. International Standards on Auditing are frequently updated to improve and clarify their application throughout the audit and accounting profession. They can be extremely complex and difficult to apply in real life situations. It is essential to apply the standards with sufficient rigor to enable an efficient audit to take place, to satisfy the regulators and ensure that the client receives and audit which is beneficial, cost effective, and which conforms to the prescribed framework; however, auditors are often criticised for failing to do so. Recognising that auditing is not always an exact science, and that in many cases the auditor is called upon to make a judgement in situations open to differing opinions, this book takes a practical and pragmatic approach to following International Standards on Auditing. Steve Collings looks at the full ISAs in their final form, as reissued following the IAASB 'Clarity Project', and give auditors guidance on how to interpret and apply them in real life situations. Each redrafted or rewritten ISA is dealt with in a separate chapter, containing case studies and illustrative examples. The book also covers the regulatory framework of auditing and gives a summary of the five ethical standards applicable to auditors, as mapped by the IAASB. Detailed appendices provide an overview of IFRS and IAS, illustrative audit tests and illustrative financial statements. |
| accounting for grants us gaap: Wiley GAAP 2010 Barry J. Epstein, Ralph Nach, Steven M. Bragg, 2009-10-12 This is a study and analysis of all generally accepted accounting principles (GAAP) for 2010, restating the original, highly technical pronouncements in easy-to-understand terms while providing battle-tested implementation guidance and real-world examples. |
| accounting for grants us gaap: IFRS 5 Non-current Assets Held for Sale and Discontinued Operations International Accounting Standards Board, 2004 |
| accounting for grants us gaap: Standards for Internal Control in the Federal Government United States Government Accountability Office, 2019-03-24 Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government. |
| accounting for grants us gaap: Frequently Asked Questions in IFRS Steven Collings, 2013-03-01 A concise FAQ guide to IFRS principles and practices Co-written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost certainly be adopted by most other developed countries in the near future. Unlike US-GAAP and other sets of standards, the IFRS are principles-based rather than rules-based, putting the onus of interpretation more on users than has previously been the case. Under IFRS users must understand the economic substance of operations, and they must be able to make assumptions, hypotheses, and estimations leading to an accounting treatment consistent with the general objectives of and principles behind IFRS financial reporting. In a handy, easy-to-navigate Q&A format, Frequently Asked Questions on IFRS provides accounting and finance professionals with the answers to some of the most commonly asked questions on the new standards. Covering the often complicated areas of accounting for financial instruments, tangible and intangible assets, provisions, and revenue recognition, the book also contains a valuable overview of the standards and the thinking behind them. Includes a comprehensive section on the new IFRS for small and medium enterprises Contains real-world examples from financial reports; a glossary of commonly used terms; and a 'Test Your Knowledge' section Provides a simple way to get up to speed on these often confusing, principles-based standards |
| accounting for grants us gaap: IFRS Primer International GAAP Basics Irene M. Wiecek, Nicola M. Young, 2009-10-19 The IFRS Primer: International GAAP Basics serves as a roadmap to provide guidance and a path through the period of transition to convergence of GAAP and international reporting standards for both students and instructors. As in introduction to International Financial Reporting Standards (IFRS), the IFRS Primer is a stand alone and logical supplement for use with existing U.S. introductory, intermediate, and advanced financial accounting textbooks. |
| accounting for grants us gaap: Government Auditing Standards - 2018 Revision United States Government Accountability Office, 2019-03-24 Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision. |
| accounting for grants us gaap: Implementing Accrual Accounting in the Public Sector Ms.Suzanne Flynn, Delphine Moretti, Joe Cavanagh, 2016-09-15 This technical note and manual (TNM) explains what accrual accounting means for the public sector and discusses current trends in moving from cash to accrual accounting. It outlines factors governments should consider in preparing for the move and sequencing of the transition. The note recognizes that governments considering accounting reforms will have different starting points across the public sector, different objectives, and varying coverage of the existing financial statements, it therefore recommends that governments consider each of these, and the materiality of stocks, flows and entities outside of government accounts when planning reforms and design the sequencing and stages involved accordingly. Building on international experiences, the note proposes four possible phases for progressively increasing the financial operations reported in the balance sheet and operating statement, with the ultimate aim of including all institutional units under the effective control of government in fiscal reports. |
| accounting for grants us gaap: IFRS 9 Financial Instruments: International financial reporting standard 9 , 2009 |
| accounting for grants us gaap: IFRS 2 International Accounting Standards Board, 2004 |
| accounting for grants us gaap: The Handbook to IFRS Transition and to IFRS U.S. GAAP Dual Reporting Francesco Bellandi, 2012-05-03 An indispensable guide to making the transition to dual IFRS/GAAP financial reporting U.S. financial reporting will undergo an unprecedented level of change within the next several years. U.S. companies face a convergence between U.S. GAAP and IFRS, affecting several major accounting standards—most notably in the areas of leasing, revenue recognition, and financial instruments. It is imperative that U.S. companies understand these major changes and their business and operational implications. The IFRS U.S. GAAP Dual Reporting Handbook to First-Time Adoption offers a comprehensive treatment of both the principles and techniques of dual reporting under IFRS/U.S. GAAP, while exploring the practical implications for accounting professionals of reporting under both sets of standards. Takes an operating approach to the implementation and application of the dual standards Draws upon the author's extensive firsthand experience to dispel uncertainty and offer decision makers expert technical assistance Defines systemic changes businesses will need to make to accommodate IFRS standards Compares the two bodies of standards item-by-item and identifies solutions under one set of standards to issues arising under the other Explores the strategic impact of structuring a company for IFRS transition In addition to covering the full range of critical issues surrounding adopting IFRS, this indispensable handbook is a rich resource of dual reporting tools, including financial statement formats, charts of accounts, accounting check-lists, reconciliation schedules, and operating manuals. |
| accounting for grants us gaap: International GAAP 2019 Ernst & Young LLP, 2019-01-14 International GAAP® 2019 is a comprehensive guide to interpreting and implementing International Financial Reporting Standards (IFRS), setting IFRS in a relevant business context and providing insights into how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS. Written by EYs financial reporting professionals from around the world, this three-volume guide to reporting under IFRS provides a global perspective on the application of IFRS. Complex technical accounting issues are explained clearly and IFRS is set in a practical context with numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world. The 2019 edition of International GAAP® has been fully revised and updated in order to: • Continue to investigate the many implementation issues arising as entities adopt IFRS 9 (Financial Instruments) and IFRS 15 (Revenue from Contracts with Customers). • Explore the complex implementation issues arising as entities adopt, in 2019, IFRS 16 (Leases). • Include an updated chapter on the new insurance contracts standard IFRS 17 (Insurance Contracts), which reflects the recent discussions of the IASB’s Transition Resource Group on implementation issues raised, proposed narrow-scope amendments to IFRS 17 intended by the IASB, and also explores other matters arising as users prepare for the adoption of this standard. • Include an amended chapter on the revised Conceptual Framework, which was published in March 2018. The changes to the Conceptual Framework may affect the application of IFRS in situations where no standard applies to a particular transaction or event. • Address amended standards and new interpretations issued since the preparation of the 2018 edition. • Explain the many other initiatives that are currently being discussed by the IASB and by the IFRS Interpretations Committee and the potential consequential changes to accounting requirements. • Provide insight on the many issues relating to the practical application of IFRS, based on the extensive experience of the book’s authors in dealing with current issues. |
| accounting for grants us gaap: SEC Docket United States. Securities and Exchange Commission, 1994 |
| accounting for grants us gaap: A Comparison of IFRS Standards and U. S. GAAP: Bridging the Differences Bob Uhl, 2019-02-22 This publication discusses differences that are commonly found in practice between the International Accounting Standards Board's IFRS® Standards and the FASB's U.S. GAAP. The significance of these differences to a given entity will vary depending on such factors as the nature of its operations, the industry in which it operates, and the accounting policy choices it has made. |
| accounting for grants us gaap: Advances in International Accounting J. Timothy Sale, 2007-08-13 Advances in International Accounting is a refereed, academic research annual, that is devoted to publishing articles about advancements in the development of accounting and its related disciplines from an international perspective. This serial examines how these developments affect the financial reporting and disclosure practices, taxation, management accounting practices, and auditing of multinational corporations, as well as their effect on the education of professional accountants worldwide. Advances in International Accounting welcomes traditional and alternative approaches, including theoretical research, empirical research, applied research, and cross-cultural studies. Advances in International Accounting is now available online at ScienceDirect - full-text online of volumes 14 onwards. |
| accounting for grants us gaap: Wiley IFRS 2015 PKF International Ltd, 2015-02-02 The globally-sourced guide to the latest IFRS, with practical application advice Wiley IFRS 2015 is a complete guide to the latest International Financial Reporting Standards set forth by the International Accounting Standards Board. Written by an international team of experts in global accounting standards, this guide provides detailed information on the latest changes to the IFRS, with comprehensive coverage of IFRIC interpretations and the tools needed to maintain IFRS-compliance. Readers will find clear, concise explanations delineated by topic for easy navigation, designed for both quick reference in-depth study, with practical advice for implementing IFRS in real-life scenarios. The goal of the IASB is to achieve global convergence of accounting standards, reducing preparation costs and facilitating the assessment of business outcomes. The IFRS are a key part of the strategy, simplifying reporting for multinational corporations and the analysts and investors tasked with evaluating results. Wiley IFRS 2015 details the most recent changes to the standards, with expert guidance toward implementation. Readers will: Grasp the underlying framework of the International Financial Reporting Standards Understand how to interpret the standards and apply them in the real world Follow the Disclosure Checklist to verify completeness and IFRS compliance Learn from the experts when implementing IFRS for the first time More and more countries are either adopting IFRS or adapting local standards to align with those set by the IASB. The standards change annually, and failure to stay up to date can affect business strategy and outcomes, especially when working internationally. Wiley IFRS 2015 provides the latest information and expert guidance, helping practitioners match IFRS to real-world practice. |
| accounting for grants us gaap: International GAAP 2021 Ernst & Young LLP, 2021-03-08 International GAAP 2021 International GAAP 2021 is a detailed guide to interpreting and implementing International Financial Reporting Standards (IFRS). By setting IFRS in a relevant business context, it provides insights on how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying or teaching IFRS. Written by EY financial reporting professionals from around the world, this three-volume guide to reporting under IFRS provides a global perspective on the application of IFRS. The book explains complex technical accounting issues clearly by setting IFRS in a practical context with numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world. Volume 1 contains the following chapters and sections: International GAAP The IASB's Conceptual Framework Presentation of financial statements and accounting policies Non-current assets held for sale and discontinued operations First-time adoption Consolidated financial statements Consolidation procedures and non-controlling interests Separate and individual financial statements Business combinations Business combinations under common control Investments in associates and joint ventures Joint arrangements Disclosure of interests in other entities Fair value measurement Foreign exchange Hyperinflation Intangible assets Property, plant and equipment Investment property Impairment of fixed assets and goodwill Capitalisation of borrowing costs Inventories Index of extracts from financial statements for all three volumes Index of standards for all three volumes Index for all three volumes This book is printed on acid-free paper, responsibly manufactured from well-managed FSC-certified forests and other controlled sources. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. ey.com/igaap |
| accounting for grants us gaap: Wiley GAAP Codification Enhanced Barry J. Epstein, Ralph Nach, Steven M. Bragg, 2009-04-08 Your single, authoritative source to GAAP under the new Accounting Standards Codification (ASC) system By mid-2009, the Financial Accounting Standards Board (FASB) is expected to release its Accounting Standards Codification (ASC), a new, clearer indexing system that is much easier to access and research. Though the Codification does not change U.S. generally accepted accounting principles (GAAP), it does reorganize the thousands of U.S. GAAP pronouncements from difficult-to-use chronological listings and multiple series of pronouncements into a single, easily accessible source conveniently organized by topic/subject. Arriving at just the right time, Wiley GAAP Codification Enhanced contains complete coverage of all levels of GAAP, as well as integrated cross-references to the new ASC. In addition, Wiley GAAP Codification Enhanced renders GAAP more understandable and accessible for research and is designed to reduce the amount of time and effort you spend to solve accounting research issues. Your authoritative guide to GAAP under the new codification system, this invaluable resource makes learning the new ACS system a breeze, with at-your-fingertips information that does the work for you. Practical and reliable, Wiley GAAP Codification Enhanced is your essential tool to navigate through these new, uncharted waters. |
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| accounting for grants us gaap: Wiley 2023 Interpretation and Application of IFRS Standards PKF International Ltd, 2023-06-19 The newest edition of an essential accounting resource The Wiley 2023 Interpretation and Application of IFRS Standards is an authoritative, one-stop resource for accountants who need to interpret and apply the most recent International Financial Reporting Standards with precision and consistency. The book contains numerous practical examples and up-to-date guidance on the expanding framework for unified financial reporting. The authors have created a volume that offers transparent, accessible, and efficient information relevant to the ever-evolving IFRS standards. Readers will also find: Clear and informative explanations of the newest updates found in the 2023 IFRS Standards Well-reasoned examples of new standards being applied to difficult cases drawn from real-world situations Realistic and practical advice created by, and for, accounting professionals Perfect for accountants and auditors, the Wiley 2023 Interpretation and Application of IFRS Standards will earn a place on the desks and bookshelves of students of accounting, finance, and related fields. |
| accounting for grants us gaap: Financial Reporting and Global Capital Markets Kees Camfferman, Stephen A. Zeff, 2007-03-08 A detailed and scholarly historical study of the International Accounting Standards Committee (IASC), which prepared the way for the International Accounting Standards Board (IASB). The IASB holds the dominant influence over the financial reporting of thousands of listed companies in the European Union as well as in many other countries. |
| accounting for grants us gaap: IFRS For Dummies Steven Collings, 2012-03-15 The easy way to get a grip on International Reporting Standards IFRS For Dummies is your complete introduction to IFRS and international accounting and balancing standards. Combining all the facts needed to understand this complex subject with useful examples, this easy-to-read guide will have you on top of IFRS in no time. In plain English, it helps you make sense of IFRS and your understanding of: what they are and where they apply; how to adopt IFRS for the first time; how IFRS affects the key components of your financial statements; how to disclose information in financial statements; and much more. Covers what to do if you're applying IFRS for the first time Explains complicated material in plain English Helps you make sense of this principles-based set of standards that establish broad rules for financial reporting If you're an accountant, student, or trainee in need of accessible information on IFRS, this hands-on, friendly guide has you covered. |
| accounting for grants us gaap: Wiley IFRS 2017 PKF International Ltd, 2017-04-17 The one-stop resource for IFRS interpretation and application, updated for 2017 Wiley IFRS 2017 offers a complete resource for the interpretation and application of the latest International Financial Reporting Standards (IFRS) as outlined by the International Accounting Standards Board (IASB). With up-to-date coverage and a host of practical tools, this book provides invaluable guidance on the expanding framework for unified financial reporting. Organised for easy navigation, each chapter includes general statement information followed by topic-specific discussion to facilitate both quick-reference and in-depth study. The expert team at PKF International provides authoritative insight from a practitioner's perspective: IFRIC interpretations and practical real-world guidance ensure full understanding of the newest standards, and the Disclosure Checklist helps verify compliance. The IASB's efforts are paying off as more and more countries around the globe either adopt IFRS as their national standards, or adjust local standards in alignment. A working understanding of IFRS application is becoming essential, even as the rules continue to evolve. This book provides full coverage of the latest standards and thorough guidance for implementation. Review the latest IFRS rules and standards Apply guidelines and best practices appropriately Gain expert insight on IFRS interpretation and implementation Ensure compliance and verify completeness Uniform financial reporting reduces the costs of financial statement preparation for multinational companies, and streamlines the assessment of business results. As the standards themselves evolve, so must practitioners' understanding of how to apply them correctly in real-world cases. Wiley IFRS 2017 offers a complete, up-to-date reference to help you apply and comply with the latest international standards. |
| accounting for grants us gaap: WILEY Interpretation and Application of International Financial Reporting Standards 2010 Barry J. Epstein, Eva K. Jermakowicz, 2010-02-05 Your one-stop resource for understanding current International Financial Reporting Standards With widespread acceptance and use of the IASB standards around the globe, the need to understand the IASB standards greatly increases. Wiley IFRS 2010 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. The Wiley IFRS 2010 Book and CD-ROM set covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations. In addition, it is an indispensable guide to IFRS compliance. Detailed coverage of all previously issued IAS and IFRS standards and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) Equally valuable for preparers, auditors, and users of financial reports Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world fact situations Serves as a reference guide during actual implementation of IFRS and preparation of IFRS-based financial statements To optimize your understanding, both examples created to explain particular IFRS requirements and selections from actual published financial statements are provided throughout the book, illustrating all key concepts. |
| accounting for grants us gaap: Accounting for Inventory and Related Property United States. Federal Accounting Standards Advisory Board, 1993 |
| accounting for grants us gaap: Wiley 2021 Interpretation and Application of IFRS Standards PKF International Ltd, 2021-07-06 Wiley Interpretation and Application of IFRS® Standards The 2021 reference for the interpretation and application of the latest international standards Wiley IFRS® Standards 2021 is a revised and comprehensive resource that includes the information needed to interpret and apply the most recent International Financial Reporting Standards (IFRS®) as outlined by the International Accounting Standards Board (IASB). This accessible resource contains a wide range of practical examples as well as invaluable guidance on the expanding framework for unified financial reporting. The authors provide IFRIC interpretations and directions designed to ensure a clear understanding of the most recent standards. The IFRS® standards are ever evolving, therefore it is essential that professionals and students have the information needed to apply the standards correctly in real-world cases. Wiley IFRS® Standards 2021 offers a complete, up-to-date reference that aids in the application of the latest international standards in a manner that is transparent, accountable and efficient. This edition includes IFRS 9 Financial Instruments; IFRS 15 Revenue from Contracts with Customers; IFRS 16 Leases and amendments issued and effective for annual periods beginning on or after 01 January 2020 as issued by the IASB by 30 June 2020. This edition also includes some introductory guidance for IFRS 17 Insurance Contracts and incorporates the revised Conceptual Framework for Financial Reporting 2018. This guide is written by the people passionate about IFRS® at PKF International. PKF International member firms specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations around the globe. PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com. PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved. |
| accounting for grants us gaap: Wiley IFRS 2013 Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom, 2013-01-31 Your one-stop resource for understanding current International Financial Reporting Standards, with a free ePDF of the entire book As the International Accounting Standards Board (IASB) continues towards its goal of a set of high quality financial reporting standards and makes significant strides in achieving global convergence of accounting standards worldwide, International Financial Reporting Standards (IFRS) continue to be important to the accounting world. Wiley IFRS 2013 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations An indispensable guide to IFRS compliance Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations Written by a world-class team of authors active in IFRS consulting, training, working with multinational listed companies, public sector entities and SMEs, Wiley IFRS 2013 is an indispensable guide to IFRS compliance. And see inside the book for full details on how to download the entire book as a free ePDF, for quick searching and checking on your computer wherever you are. |
| accounting for grants us gaap: Financial Report of the United States Government , 2007 |
| accounting for grants us gaap: Financial Accounting and Reporting Barry Elliott, Jamie Elliott, 2011 Financial Accounting and Reporting is the most up to date text on the market. Now fully updated in its fourteenth edition, it includes extensive coverage of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). This market-leading text offers students a clear, well-structured and comprehensive treatment of the subject. Supported by illustrations and exercises, the book provides a strong balance of theoretical and conceptual coverage. Students using this book will gain the knowledge and skills to help them apply current standards, and critically appraise the underlying concepts and financial reporting methods. |
| accounting for grants us gaap: Federal Register , 1994-12-19 |
| accounting for grants us gaap: Wiley 2022 Interpretation and Application of IFRS Standards PKF International Ltd, 2022-05-23 The 2022 reference for the interpretation and application of the latest international financial reporting standards Wiley IFRS® Standards 2022 is a revised and comprehensive resource that includes the information needed to interpret and apply the most recent International Financial Reporting Standards (IFRS®) as outlined by the International Accounting Standards Board (IASB). This accessible resource contains a wide range of practical examples as well as invaluable guidance on the expanding framework for unified financial reporting. The authors provide IFRIC interpretations and directions designed to ensure a clear understanding of the standards. The IFRS® standards are ever evolving, therefore it is essential that professionals and students have the information needed to apply the standards correctly in real-world cases. Wiley IFRS® Standards 2022 offers a complete, up-to-date reference that aids in the application of the latest international standards in a manner that is transparent, accountable and efficient. This edition includes IFRS 17 Insurance Contracts which has an effective date of 1 January 2023. This guide is written by PKF professionals who support the application of clear, informative, and accurate financial reporting. PKF International member firms specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations around the globe. PKF International is a member of the Forum of Firms – an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. www.pkf.com. PKF International Limited administers a family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. All rights reserved. |
| accounting for grants us gaap: Wiley IFRS 2012 Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom, 2012-01-18 Your one-stop resource for understanding current International Financial Reporting Standards – now made even more useful: your purchase of Wiley IFRS 2012 includes a free ePDF of the entire book! As the International Accounting Standards Board (IASB) continues towards its goal of a set of high quality financial reporting standards, and makes significant strides in achieving global convergence of accounting standards worldwide, International Financial Reporting Standards (IFRS) continue to be important to the accounting world. Wiley IFRS 2012 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. Covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations An indispensable guide to IFRS compliance Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world situations Written by a world-class team of authors active in IFRS consulting, training, working with multinational listed companies, public sector entities and SMEs, this book is an indispensable guide to IFRS compliance. And see inside the book for full details on how to download the entire book as a free ePDF, for quick searching and checking on your computer wherever you are! |
| accounting for grants us gaap: Review of Investor Protection and Market Oversight with the Five Commissioners of the Securities and Exchange Commission United States. Congress. House. Committee on Financial Services, 2007 |
| accounting for grants us gaap: The Accountants Digest , 1984 |
U.S. GAAP vs. IFRS: Government grants - RSM US
discusses viewpoints expressed by standard setters related to the various forms of assistance entity qualifying for the grant purchase, … See more
Technical Line: A closer look at how to account for …
Nov 9, 2023 · Grants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets.
ITC—Accounting for Government Grants by Business Entities
Specifically, the FASB staff would like to understand whether the requirements of IAS 20 as it relates to the accounting for government grants represent a workable solution for improving …
Bridging the GAAP in Grant Accounting Practices: Systems, …
Applying GAAP principles to grant accounting can be challenging due to various factors such as the complexity of grant agreements, restrictions on the use of funds, technical expertise …
Accounting for Grants: Restricted, Conditional and Everything …
May 5, 2024 · Accounting treatment for each type. Case studies to practice deciphering grant language, identifying grantor and grantee obligations, applying professional judgment, and …
Generally Accepted Accounting Principles (GAAP) Guide Sheet
Following GAAP ensures financial information is consistently and accurately reported. It is an accounting practice required by for profits, not-for-profits, and government entities. What topics …
IFRS compared to US GAAP - KPMG
We are pleased to publish this 2023 edition of our comparison of IFRS Accounting Standards and US GAAP, highlighting the key differences between the two frameworks. Brian O’Donovan and …
BDO’S US GAAP AND IFRS COMPARISON SERIES …
US accounting standards do not provide specific guidance on the accounting for government grants to business entities but include relevant guidance for not-for-profit entities. Below is a …
Presentation of Classification of Grants and Net Assets
Generally Accepted Accounting Principles (GAAP) requirements and current industry practices and illustrative presentation styles by CDFIs are noted irst, followed by guidance and …
FASB proposes guidance on accounting for government grants
We believe entities accounting for these types of grants might conclude it is appropriate to apply the proposed guidance by analogy if the transaction is not in scope of other US GAAP.
To the Point: FASB proposes guidance on accounting for …
Nov 22, 2024 · FASB proposes guidance on accounting for government grants by business entities 22 November 2024 . In response, the FASB proposed incorporating elements of IAS 20 …
Accounting for Government Grants - IFRS
The FASB decided to leverage the accounting framework within IAS 20 for government grants and to include targeted improvements to the guidance based on certain previous Board …
Defining Issues: FASB clarifies how not-for-profits and others …
Under current US GAAP, it is often difficult to determine whether a contribution has a donor-imposed condition that affects revenue recognition. If an entity determines that a contribution is …
FORsights New Guidance on Accounting for Government …
For government grants related to an asset, there are two options under which the entity can choose to account for the grant, either using the Coat Accumulation Approach or the Deferred …
EY Comment Letter: Proposed ASU, Government Grants
Apr 4, 2025 · We believe the FASB’s proposal responds to concerns raised by stakeholders about the lack of specific authoritative guidance in US GAAP to account for government grants by …
The US CARES Act - KPMG
In providing this guide on the accounting implications of the CARES Act under US GAAP and IFRS Standards, we hope to ease some of the accounting burden – letting you spend more …
BDO Comment Letter - FASB Accounting for Government …
We support the FASB’s efforts to bring consistency in practice in accounting for government grants by for-profit entities. As the majority of respondents have indicated that IAS 20 is their …
To the Point: FASB requires disclosures by business entities …
Nov 23, 2021 · The FASB issued final guidance that requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or …
Accounting For Government Grants - IFRS
This paper has been prepared for discussion at a public education meeting of the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board …
To the Point - EY
Apr 3, 2020 · Because US GAAP generally does not contain specific guidance on the accounting for government grants, entities need to determine the appropriate accounting treatment.
U.S. GAAP vs. IFRS: Government grants - RSM US
To start this process, we have prepared a series of comparisons dedicated to highlighting significant differences between U.S. GAAP and IFRS. This particular comparison focuses on …
Technical Line: A closer look at how to account for …
Nov 9, 2023 · Grants related to assets are government grants whose primary condition is that an entity qualifying for them should purchase, construct or otherwise acquire long-term assets.
ITC—Accounting for Government Grants by Business Entities …
Specifically, the FASB staff would like to understand whether the requirements of IAS 20 as it relates to the accounting for government grants represent a workable solution for improving …
Bridging the GAAP in Grant Accounting Practices: Systems, …
Applying GAAP principles to grant accounting can be challenging due to various factors such as the complexity of grant agreements, restrictions on the use of funds, technical expertise …
Accounting for Grants: Restricted, Conditional and …
May 5, 2024 · Accounting treatment for each type. Case studies to practice deciphering grant language, identifying grantor and grantee obligations, applying professional judgment, and …
Generally Accepted Accounting Principles (GAAP) Guide Sheet
Following GAAP ensures financial information is consistently and accurately reported. It is an accounting practice required by for profits, not-for-profits, and government entities. What topics …
IFRS compared to US GAAP - KPMG
We are pleased to publish this 2023 edition of our comparison of IFRS Accounting Standards and US GAAP, highlighting the key differences between the two frameworks. Brian O’Donovan and …
BDO’S US GAAP AND IFRS COMPARISON SERIES …
US accounting standards do not provide specific guidance on the accounting for government grants to business entities but include relevant guidance for not-for-profit entities. Below is a …
Presentation of Classification of Grants and Net Assets
Generally Accepted Accounting Principles (GAAP) requirements and current industry practices and illustrative presentation styles by CDFIs are noted irst, followed by guidance and …
FASB proposes guidance on accounting for government grants
We believe entities accounting for these types of grants might conclude it is appropriate to apply the proposed guidance by analogy if the transaction is not in scope of other US GAAP.
To the Point: FASB proposes guidance on accounting for …
Nov 22, 2024 · FASB proposes guidance on accounting for government grants by business entities 22 November 2024 . In response, the FASB proposed incorporating elements of IAS 20 …
Accounting for Government Grants - IFRS
The FASB decided to leverage the accounting framework within IAS 20 for government grants and to include targeted improvements to the guidance based on certain previous Board …
Defining Issues: FASB clarifies how not-for-profits and others …
Under current US GAAP, it is often difficult to determine whether a contribution has a donor-imposed condition that affects revenue recognition. If an entity determines that a contribution is …
FORsights New Guidance on Accounting for Government …
For government grants related to an asset, there are two options under which the entity can choose to account for the grant, either using the Coat Accumulation Approach or the Deferred …
EY Comment Letter: Proposed ASU, Government Grants
Apr 4, 2025 · We believe the FASB’s proposal responds to concerns raised by stakeholders about the lack of specific authoritative guidance in US GAAP to account for government grants by …
The US CARES Act - KPMG
In providing this guide on the accounting implications of the CARES Act under US GAAP and IFRS Standards, we hope to ease some of the accounting burden – letting you spend more …
BDO Comment Letter - FASB Accounting for Government …
We support the FASB’s efforts to bring consistency in practice in accounting for government grants by for-profit entities. As the majority of respondents have indicated that IAS 20 is their …
To the Point: FASB requires disclosures by business entities …
Nov 23, 2021 · The FASB issued final guidance that requires business entities to make annual disclosures about transactions with a government they account for by analogizing to a grant or …
Accounting For Government Grants - IFRS
This paper has been prepared for discussion at a public education meeting of the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board …
To the Point - EY
Apr 3, 2020 · Because US GAAP generally does not contain specific guidance on the accounting for government grants, entities need to determine the appropriate accounting treatment.
