Question
Topic 832 - Government assistance Topic 832 was implemented on December 15 of 2021. This amendment is intended for organizations to be fully transparent of
Topic 832 - Government assistance
Topic 832 was implemented on December 15 of 2021. This amendment is intended for organizations to be fully transparent of the assistance they are receiving from government entities. Before topic 832, there was no requirement for organizations to disclose how they were using the monies received as grants or any other form of government assistance. Topic 832 requires organizations to disclose the type of assistance reived and place definitive accounting for that assistance. in addition organizations must separately disclose on their balance sheet and other statements that are affected by government assistance, how the monies affected those statements and how the monies were used.
Do you agree. Please explain.
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