Explore BrainMass

Explore BrainMass

    FASB and Donations

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services? What do you think of the comment regarding the issue of the value of services being reliably measured?

    Please cite in paragraph and post bilbliography.

    © BrainMass Inc. brainmass.com June 4, 2020, 2:04 am ad1c9bdddf
    https://brainmass.com/business/accounting/donated-services-fasb-position-measurement-436199

    Solution Preview

    In essence, the FASB refers to donated services as services that are to be considered revenue, during the subsequent time period in which they have been received. The FASB also makes it clear that the revenue status of donated services is to be ascertained by the fair value of the donated goods and services received, and the FASB also regards ...

    Solution Summary

    The expert examines donated services for FASB position and measurement.

    $2.19

    ADVERTISEMENT