How do we treat grants that are received in advance of the period when th

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Question

How do we treat grants that are received in advance of the 
period when they are to be spent?

Question Submitted By :: Guest

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Re: How do we treat grants that are received in advance of the period when they are to be spent?

Answer
# 1

If there is a timing restriction which amounts to a 
precondition for the grant's use then treat the grant as 
deferred income otherwise treat them as restricted income 
funds during the period of enforced retention or if they 
are for a specified purpose..

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Guest

Re: How do we treat grants that are received in advance of the period when they are to be spent?

Answer
# 2

Dear Guest pl ask your parents to name you immediately

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Satyaki_raju@yahoo.com
[Taxtime]

Re: How do we treat grants that are received in advance of the period when they are to be spent?

Answer
# 3

We record it in our Balance sheet under Liabilities as 
Income received inadvance.

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Yaris

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