DipIFR Syllabus B. Elements of financial statements - Government grants - agriculture - Notes ^{3 / 3}

2 types:

1. Unconditional government grants

   Unconditional government grants received in respect of biological assets measured at fair value less costs to sell are recognised in profit or loss when the grant becomes receivable.

2. Conditional government grants

   If such a grant is conditional (including where the grant requires an entity not to engage in certain agricultural activity), the entity recognises the grant in profit or loss only when the conditions have been met.