In Year 7, Seawalk Scoops Inc. (SSI) celebrated the fifth anniversary of its program that employs people who have served time in prison and who are being reintegrated into society. At this time, to recognize SSI's success with this program, the Prince Edward Island government provided a grant that covered 10% of SSI's salary costs associated with the employees in the program from the prior five fiscal years. The government hopes that this will encourage other companies to employ people who have served time in prison. SSI reports under IFRS. Which one of the following BEST describes how to account for this grant? Question 25 options: a) The grant should be recognized in income evenly over the next five years. b) The entire grant should be recognized in Year 7 as it relates to costs incurred in prior periods. c) The grant should be recognized in the periods to which it relates. Financial statements would need to be restated for the prior five years if the grant is material. d) The grant must be netted against Year 6 payroll expenses; if the grant exceeds Year 6 payroll expenses, the remaining grant money should be deferred to Year 7 and netted against Year 7 payroll costs