CIMA Financial Reporting F1 Question # 3 Topic 1 Discussion

CIMA Financial Reporting F1 Question # 3 Topic 1 Discussion

F1 Exam Topic 1 Question 3 Discussion:
Question #: 3
Topic #: 1

Which THREE of the following statements about government grants are INCORRECT?


A.

A grant is recognised as revenue


B.

Grants must not be deducted from the related expenses in financial statements


C.

Capital grants relate to cash inflow and outflow


D.

A compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred


E.

A grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant


Get Premium F1 Questions

Contribute your Thoughts:


Chosen Answer:
This is a voting comment (?). It is better to Upvote an existing comment if you don't have anything to add.