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FASB standards differ from GASB for Statement of cash flows

1. In what significant ways do the FASB standards differ from those of the GASB with respect to the Statement of Cash Flows?

2. For the following situation, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your response or identify key issues

The Museum of Natural History benefits from the volunteer services of twenty docents (museum guides), who provide approximately 10,000 hours of service per year. The docents give tours, staff the information desk, and assist in the museum gift shop. Were it not for thier voluntary services, the museum would have to hire employees, who would be paid at least $10 per hour.

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Question 1
As regards FASB, Statement of Financial Accounting Standards (SFAS) No. 95 as amended by SFAS No. 117 requires profit and not-for-profit organizations to prepare a statement of cash flows. On the other hand, GASB, through its standard No. 9, explicitly ...

Solution Summary

FASB standards differing from GASB for statements of cash flows are examined.