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Government assistance Example # 1 Company A receives a government grant of $ 6,000,000 on January 1, 2016 to offset employment costs in 2016 There
Government assistance Example # 1 Company A receives a government grant of $ 6,000,000 on January 1, 2016 to offset employment costs in 2016 There is a condition related to the grant that states the Company may not reduce current employment levels for all of 2016,2017 and 2018 If violated the entire grant must be repaid Assume conditions violated in early 2017 Provide the journal entries for 2016, 2017 and 2018 for both ASPE and IFRS
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