Academic journal article Journal of Accountancy

FASB Proposal Clarifies Statement No. 116 NPO Transfer Terms

Academic journal article Journal of Accountancy

FASB Proposal Clarifies Statement No. 116 NPO Transfer Terms

Article excerpt

FASB Proposal Clarifies Statement no. 116 NPO Transfer Terms

The Financial Accounting Standards Board has proposed an interpretation of FASB Statement no. 116, Accounting for Contributions Received and Contributions Made, that clarifies the terms "agent" "trustee" and "intermediary"

Paragraph 4 of Statement no. 116 says that the statement "does not apply to transfers of assets in which the reporting entity acts as an agent, trustee or intermediary, rather than as a donor or donee." According to Corliss Montesi, FASB assistant project manager, a number of community foundations, foundations related to institutions, federated fundraising organizations and other not-for profit entities had raised questions about the three tern,s. They wanted the FASB to differentiate situations in which an organization acts as an agent, trustee or intermediary from situations in which it acts as a donee and a donor, especially if it solicits and collects cash, products or services and distributes those or income from them to other organizations for charitable purposes. …

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