PAS 19: Employee Benefits and Government Grants

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GaloreLawrencium
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15 Questions

How are monetary grants typically measured?

At the amount of cash received or the fair value of the amount receivable

What is the main concept in accounting for government grants?

Matching Concept

How are government grants related to assets presented in the statement of financial position?

Either gross or net presentation is allowed

How are grants related to income presented in the income statement?

Either gross or net presentation is allowed

What happens when a government grant is recognized as income?

The entity recognizes an expense for which the grant is intended to compensate

What is the accounting treatment for a government grant that becomes repayable?

Treated prospectively under PAS 8

What is the fair value of the land received by Entity A from the government?

P 200,000

What is the total cost of constructing the building by Entity A?

P 1,000,000

What is the estimated useful life of the building?

10 years

What is the income from the government grant in 20x1?

P 0

What is the depreciation expense recognized in 20x3?

P 20,000

What is the carrying amount of the building on December 31, 20x2 under the gross presentation?

P 900,000

What is the carrying amount of the building on December 31, 20x2 under the net presentation?

P 720,000

When does the building start to be depreciated?

In 20x2

What is the residual value of the building?

P 0

Test your knowledge on employee benefits and government grants according to Philippine Accounting Standard 19 (PAS 19). This quiz covers short-term employee benefits, post-employment benefits, long-term employee benefits, and termination benefits.

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