Local Literacy Council donated services: FASB
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Consider the following:
The Local Literacy Council provides 99% of its services through volunteer tutors and those tutors can be anything from housewives to college students to store clerks to accountants to attorneys. Under FASB could these donated services be recognized with a dollar value? How might that affect the financial statements? Do you think we are getting a realistic report of the cost of providing this service?
Please cite in paragraph and post bibliography.
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Solution Summary
The expert examines local literacy council donated services for FASB.
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The United States' Generally Accepted Accounting Principles through the Financial Accounting Standards Board provide for guidance on how non-profit organizations (NPOs) such as the Local Literacy Council account for its transactions including the receipt of donated services from volunteers.
The Accounting Standards Council (ASC) ...
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