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Question - On 1 January 20X7, Hulya Bhd acquired a plant at a fair value of RM3,500,000. Dismantling costs of RM400,000 will be incurred at the end of its useful life and the present value of these cost was RM300,000. Hulya Bhd received a government grant of RM2,500,000 for the acquisition of the plant. It is the policy of Hulya Bhd to use write off against asset method to account for the government grant received. The estimated useful life of the plant is 10 years with a residual value of RM120,000.
Required - Explain briefly the accounting treatment for the government grant received relating to the acquisition of the plant in accordance with MFRS120 Accounting for Government Grants and Disclosure of Government Assistance.
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