- 10 Marks
PSAF – L2 – Q8.2 – International Public Sector Accounting Standards
Show the accounting treatment of bilateral grant revenue for the Federal Government of Nigeria as at 31st December 2023.
Question
Bilateral grants were received from a number of friendly governments in 2023 amounting to NGN125 million. The Federal Government of Nigeria is unlikely to comply with some of the conditions for the bilateral grants from one country amounting to NGN15 million included in bilateral grants received. The Federal Government of Nigeria has already complied with grant conditions in respect of a grant from a Global Development Agency amounting to NGN22 million which is yet to be received. The probability of receipt of this grant in a month’s time from December 2023 is very probable.
Required:
Show the accounting treatment for the grant revenue in the books of the government as at 31st December 2023.
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