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AASB 120 - Accounting for Government Grants and Disclosure of Government Assista
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 120 compared to IAS 20 
 
Additions 
Aus 1.1 
Which entities AASB 120 applies to, ie. reporting entities and general purpose financial reports of for-profit entities only.  
 
Aus 1.2 
The application date of AASB 120, ie. annual reporting periods beginning 1 January 2005.  
 
Aus 1.3 
Prohibits early application of AASB 120.  
 
Aus 1.4 
Makes the requirements of AASB 120 subject to AASB 1031 Materiality.  
 
Aus 1.5 
Explains which Australian Standards have been superseded by AASB 120.  
 
Aus 1.6 
Clarifies that the superseded Australian Standards remain in force until AASB 120 applies. 
 
Aus 1.7 
Notice of the new Standard published on 22 July 2004.  
 
Deletions  
40 
Transitional provisions on first time application.  
 
41 
Effective date of IAS 20.