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Overview
Our publication discusses the FASB’s final guidance on the recognition, measurement and presentation of a government grant received by a business entity (i.e., an entity that is not a not-for-profit entity or an employee benefit plan in the scope of ASC 960, ASC 962 or ASC 965). The amendments are effective for public business entities for fiscal years beginning after 15 December 2028 and interim periods within those years, and for all other business entities for fiscal years beginning after 15 December 2029 and interim periods within those years. Entities may apply the guidance using a modified prospective, modified retrospective or retrospective approach. Early adoption is permitted.