Grant funds received before time requirements are met, but after all other eligibility requirements have been met, should be reported as an asset and a deferred inflow of resources by the recipient.

Question

Quizplus · Accepted Answer

This statement is true. Grant funds received before time requirements are met but after all other eligibility requirements have been met are considered as revenue and should be reported as an asset and a deferred inflow of resources by the recipient. This is because the funds have not been earned yet and should not be recognized as revenue until the time requirements are met.

Grant Funds Received Before Time Requirements Are Met, but After