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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 

 
Developments
  • AASB Developments
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    • September 2007 
      AASB 2007-8 makes consequential amendments as a result of the issuance of the revised AASB 101 Presentation of Financial Statements. It is applicable from 1 January 2009, with early adoption permitted, provided the revised AASB 101 is also adopted.
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    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
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    • July 2008 
      AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project makes amendments such that government loans with a below-market rate of interest are accounted for in line with AASB 139 Financial Instruments: Recognition and Measurement. It is applicable from 1 January 2009, with early application permitted.
Key Differences 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 120 was issued.
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  • February 2007: AASB 2007-2 amends paragraph 3 and applies for reporting periods ending on or after 28 February 2007, with early adoption permitted from 1 January 2005.
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  • April 2007: AASB 2007-4 amends paragraphs 23, 24, 26, 28, 29, 31 and 36, and adds paragraphs 25, 27 and 30 . It is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.