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Podcast: Government assistance

12.15.2022 | Duration: 08:36

We discuss the FASB’s ASU 2021-10 and their Invitation to Comment on the potential incorporation of IAS 20, Accounting for Government Grants, into US GAAP.

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Podcast overview

KPMG professionals discuss the FASB’s new accounting standard on government assistance, which would require business entities to disclosure information about certain government assistance they receive, and the FASB’s research project to consider incorporating the recognition, measurement and presentation guidance on accounting for government grants in IAS 20 into US GAAP.


  • All business entities, except not-for-profit entities and employee benefit plans.

Relevant dates

  • ASU 2021-10 is effective for financial statements issued for annual periods beginning after December 15, 2021. The effective date is the same for all entities in the scope of this ASU. Early adoption is permitted.

Podcast contents

  • 00:20 – Introductions
  • 00:55 – Reasons for ASU 2021-10
  • 01:45 – How entities account for government assistance
  • 03:05 – Limited scope of disclosure only ASU
  • 04:20 – FASB research project on accounting for government grants
  • 06:40 – Next steps

Key impacts

There is limited US GAAP guidance on accounting for government assistance, which has led to diversity in practice. Although the FASB has not provided specific accounting guidance, it has created disclosure requirements for the receipt of certain types of government assistance.

The disclosure requirements—contained in ASC 832—apply only to business entities that account for government assistance under specific accounting models.

The FASB’s Invitation to Comment asks whether the Board should move forward to incorporate the recognition, measurement and presentation guidance in IAS 20.

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Meet our team

Image of John Barbagallo
John Barbagallo
Managing Director, Dept. of Professional Practice, KPMG US
Image of Shoshana Feldman
Shoshana Feldman
Senior Director, Dept. of Professional Practice, KPMG US

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