Accounting of State Grants According to International Financial Reporting Standards

Olena Lagovska () and Gabriella Loskorikh ()
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Olena Lagovska: Department of Information Systems in Management and Accounting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine
Gabriella Loskorikh: Department of Accounting and Auditing, Transcarpathian Hungarian Institute named after Ferenc Rakocza II, Berehove, Ukraine

New Challenges in Accounting and Finance, 2023, vol. 10, 14-23

Abstract: Accounting for grant agreements is an important aspect of financial management for a variety of organisations, including not-for-profit, commercial enterprises, and public institutions. Accounting for grants helps to ensure financial openness and transparency in the organisation's activities. This is important to meet the requirements of stakeholders, including donors, government agencies, investors, and the public. The purpose of the study is to identify the areas of grant funds reporting in accordance with international financial reporting standards. The study found that many organisations receive grants from various sources, and this may include funds from governmental organisations and international donors. Accounting for grants helps ensure compliance with the terms and conditions that accompany the grant. Grants accounting helps organisations to effectively manage financial resources provided for specific projects or programmes. This ensures the efficient use of funds and the achievement of planned results. In addition, Grant Accounting allows you to evaluate the results and impact of projects that have been funded by grants. This helps organisations and donors understand how successful their investments have been. In general, grant accounting is important for the financial stability, transparency, and efficiency of grant-receiving organisations. It helps ensure effective management of financial resources and fulfilment of obligations to donors and other stakeholders.

Keywords: Financial Statements; Grant Agreement; Government Support; Social Development; Business Incentives (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bco:ncafaa::v:10:y:2023:p:14-23

DOI: 10.32038/NCAF.2023.10.02

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