What is FAs 136?
SFAS #136 establishes standards for transactions in which a donor makes a contribu- tion by transferring assets to a not-for-profit organization or charitable trust (the recipient organization) that accepts the assets from the donor and agrees to (a) use those assets on behalf of or (b) transfer those assets, the …
Has FAS 136 been superseded?
The SFAS have been superseded by the FASB Accounting Standards Codification (ASC). The codification is effective for interim and annual periods ending after September 15, 2009.
What SFAS 116?
FAS 116 Summary This Statement establishes accounting standards for contributions and applies to all entities that receive or make contributions. Generally, contributions received, including unconditional promises to give, are recognized as revenues in the period received at their fair values.
What is SFAS 117?
Statement of Financial Accounting Standards (SFAS) No. 117 was issued to establish consistency in financial reporting among not-for-profit organizations, which are subject to various American Institute of Certified Public Accountants (AICPA) audit guides.
What is FAS150?
FAS 150: Accounting for Certain Financial Instruments with. Characteristics of both Liabilities and Equity. FAS150 Summary. This Statement establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity.
What is government grant in accounting?
Government grants in the form of non-monetary assets, given at a concessional rate, should be accounted for on the basis of their acquisition cost. In case a non-monetary asset is given free of cost, it should be recorded at a nominal value. 18. Government grants that are receivable as compensation for expenses.
What FAS 143?
FAS 143 means Statement of Financial Accounting Standard 143 (and any statements replacing, modifying or superceding such statement) adopted by the Financial Accounting Standards Board. Sample 2. FAS 143 means United States Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations …
What FAS 67?
67, Accounting for Costs and Initial Rental Operations of Real Estate Projects. AcSEC drafted the proposed SOP to deal with different methods of accounting for expenditures related to property, plant and equipment (PP&E), including improvements, replacements, betterments, additions, repairs and maintenance.
When should pledges be recognized as revenue?
Matching pledges are conditional until the matching requirement is satisfied, and bequests are conditional until after the donor’s death. You generally should not recognize revenue on conditional promises until the conditions have been met.
What is FASB 116 and 117?
These standards will have the most significant impact on nonprofits in more than 20 years. The two standards are Financial Accounting Standard No. 116, dealing with contributions made and received, and Financial Accounting Standard No. 117, dealing with financial statement format.
