Recording Unconditional Promises to Give as Revenue
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When are unconditional promises to give recognized as revenues?
A. In the period the promised is received
B. In the period the promise is collected
C. In the period in which the conditions on which they depend are substantially met
D. In the period in which the conditions on which they depend have begun to be met
E. Unconditional promises from potential donors are not revenues
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Solution Summary
This solution discusses when unconditional promises to give should be recognized in a not-for-profit organization's books.
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Statement of Financial Accounting Standards 116 (FASB116) requires that non-profit organizations record an unconditional promise to give as ...
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