“The different types of government assistance that companies can get, the different forms it can take, and the amounts that can be very large, make it important to investors and users of financial statements.” “I think people don’t realize how pervasive and widespread some of this assistance has been, even before COVID,” LaMonte replied. Finally, any other contingencies associated with that support would be disclosed.”īascom then turned to Mark LaMonte to explain why it’s important for users to understand the nature of this assistance and how it’s reported. “And if there are any recapture provisions, where the government has the right to get back some of what it gave, that would be disclosed as well. “For example, if you’re a company and you’re saying, ‘I’m going to build a manufacturing plant in the city in order to get this assistance, that would be disclosed,” Bascom said. “A grant model could be something like IAS 20 a contribution model can be ASC subtopic 958–605 for not-for-profit organizations.” The definition of government assistance, he said, is very broad: “The disclosures themselves are for the nature of the transactions, including the form of the assistance that’s received.” The first standard, ASU 2021-10, relates to disclosure about governmental assistance.īascom explained that ASU 2021-10 provides some disclosure requirements when accounting for government assistance, by analogy to either a grant model or a contribution model. Kimber Bascom began by stating that the panel would cover new accounting standards that were issued by FASB late last year, as well as a few projects currently on the Board’s agenda. Official positions of FASB are reached only after extensive due process and deliberation.
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The comments made by the panelists represent their own thoughts and views, and are not necessarily representative of their employers or affiliated institutions. The following is an edited summary of that panel discussion. Mark LaMonte, managing director, WilliamsMarston LLC Lara Long, vice president and chief accounting office, AGCO Corp., and member of FASAC and Hillary Salo, FASB technical director and chair of the EITF, participated on the panel.
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The panel was moderated by Kimber Bascom, partner in charge of the accounting group of the department of professional practice at KPMG.
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The second day of the conference continued with a panel on major FASB standards, proposals, projects, and Emerging Issues Task Force (EITF) matters.