Issuing grants and financial guarantees a public sector perspective
Henning Diederichs examples the issues highlighted by the pandemic in accounting for grants and financial guarantees by government.
Mandatory lockdowns of ‘non-essential’ businesses and the effects of the pandemic
UK government entities apply International Financial Reporting Standards (IFRS), with some adaptations for the public sector, and have a year end of 31 March. When, in March 2020, large amounts of grants were being promised as part of relief packages, there were discussions about whether they should be recognised as a provision in government accounts as at 31 March 2020.
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