Diversity in practice exists in the recognition, measurement, presentation, and disclosure of government assistance received by business entities because there is no specific topical authoritative guidance in GAAP. This course provides an overview of the disclosure requirements regarding government assistance issued through ASU No. 2021-10. The amendments from ASU No. 2021-10 are effective for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021 (with early application permitted). Because this ASU only addresses the disclosure requirements, this course also addresses the recognition, measurement, and reporting requirements prescribed by IAS 20.

Upon completion of this course, students will be able to:

• recognize the key disclosure requirements prescribed by ASU No. 2021-10
• identify existing non-U.S. GAAP guidance used by entities with respect to government grants
• recognize the entities that are within the scope of the new U.S. GAAP disclosure requirements
• identify the effective date of the new disclosure requirements in ASC Topic 832 ("Government Assistance")