Company has accounting year end of 31st March 2020. Received £10k small business grant in mid April, Eligibility for grant therefore 11th March 2020 but entitlment date was 1 April 2020 according to government guidance. Company prepares accounts under FRS 105. I have read elsewhere that as the grants have no perfomance conditions attached, they should be recognised when they become eligible, not when actually received. FRS 105 allows Government Grants to be allocated on an accruals basis however which seems more appropriate in this case as the money will be used to alleviate financial difficulty in 2020/21. FRS 102 seems to indicate it should be regognised in 2020 however when company became eligible to claim. Any views as to correct period in which to recognise the grant in finnacial accounts ?
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How does this question differ from the one somebody asked a couple of hours ago? Why post an almost identical query?
I think we should put the opposite answer to the question on this thread, just to mess with the OPs mind.
However, like the OP, I cant be arsed to look at the other thread to check what it says...………...