SFAS No. 116, Contributions Received and Contributions Made: What We Know and What We Don't?

SFAS No. 116, Contributions Received and Contributions Made: What We Know and What We Don't?

This study reviews SFAS No. 116, Accounting for Contributions Received and Contributions Made. Contributions received are recognized as revenues and contributions made are recorded as expenses in the period made. After a summary of various forms of contributions received or made, this study points o...

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Veröffentlicht in:Journal of higher education theory and practice 2012-11, Vol.12 (5), p.141
Hauptverfasser: Xiang, Meifang, Holmes, Linda
Format: Artikel
Sprache:eng
Schlagworte:
Accountability
Accounting
Developed Nations
Fair market value
Financial Audits
Investments
Literature Reviews
Private Sector
Standard Setting
Studies
Tax incentives
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Zusammenfassung:This study reviews SFAS No. 116, Accounting for Contributions Received and Contributions Made. Contributions received are recognized as revenues and contributions made are recorded as expenses in the period made. After a summary of various forms of contributions received or made, this study points out some updates to SFAS No. 116 that are needed. These include contributions made by governments to private sector not-for-profit organizations and by governments to business enterprises. The implications for practitioners and policymakers regarding the updates are also discussed. [PUBLICATION ABSTRACT]
ISSN:2158-3595