ERIC Number: ED403808
Record Type: Non-Journal
Publication Date: 1996
Reference Count: N/A
Accounting for Contributions. Understanding the Requirements of FASB Statement No. 116.
Ostrom, John S.
Since the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 116, Accounting for Contributions Received and Contributions Made, in June 1993, guidance has been sought in understanding its impact and implementation. Specific key provisions deal with contributions received and contributions made, expiration of restrictions on contributions received, accounting for collections, and recognition of contributed services. To help institutions implement the new standards, the National Association of College and University Business Officers developed a series of workshops and the information in this manual is derived from those workshops. Section 1 is a summary of the key provisions of FASB Statement No. 116 highlighting the changes from previous practice. Section 2 is a detailed explanation of the statement and effects of implementation presented in question-and-answer format, including critical definitions of significant words and phrases. Where appropriate, suggestions are made to aid in implementing the standard. Section 3 is a self study containing specific examples of situations that institutions may encounter in implementation of FASB Statement No. 116. A separate glossary of terms is provided. (Author/JLS)
Descriptors: Accountability, Administrative Policy, College Administration, Compliance (Legal), Disclosure, Donors, Fund Raising, Higher Education, Recordkeeping, School Accounting, Standards
National Association of College and University Business Officers, One Dupont Circle, Washington, DC 20036 ($32.95 members; $47.95 nonmembers).
Publication Type: Reports - Research
Education Level: N/A
Audience: Administrators; Practitioners
Authoring Institution: National Association of College and University Business Officers, Washington, DC.