FASB Issues Invitation to Comment on Government Grants

The FASB has issued an invitation to comment (ITC), Accounting for Government Grants by Business Entities: Potential Incorporation of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, Into Generally Accepted Accounting Principles. The ITC seeks feedback on “whether IAS 20 represents a workable solution for improving GAAP in the U.S. financial reporting environment for business entities as it relates to the accounting for government grants.”

Comments on the ITC are due by September 12, 2022. For more information, see the press release on the FASB’s Web site.