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    FASB and Donations

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    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.

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    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.