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Revised proposal on nonprofit contributions.

A revised exposure draft issued by the Financial Accounting Standards Board would establish accounting standards for contributions to not-for-profit organizations. The ED, a revision of a proposal issued in October 1990, is the companion to an ED issued in October 1992 that would establish standards for a set of general purpose external statements provided by not-for-profit organizations.

The new ED, Accounting for Contributions Received and Contributions Made, would require contributions received by an organization--including unconditional promises to give--to be recognized at fair value in the period they were received. Contributions made--including unconditional promises to give-would be recognized at fair value as an expense in the period they were made. Conditional promises to give would be recognized in the period when the conditions are substantially met.

If adopted as a final statement, the ED would become effective for fiscal years beginning after December 15, 1994.

Comments are due by February 19, 1993. Single copies of the document may be obtained free of charge until that date by calling the FASB order department at (203) 847-0700, ext. 555.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1993
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