QuWeekAssgn1

QuWeekAssgn1 - Omnibus Opinion-1967, to disclose...

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Case1-1 Summary of Statement No. 93 Recognition of Depreciation by Not-for-Profit Organizations (Issued 8/87) Summary This Statement requires all not-for-profit organizations to recognize the cost of using up long- lived tangible assets-depreciation-in general-purpose external financial statements. However, depreciation need not be recognized for certain works of art and certain historical treasures. The Statement also extends to not-for-profit organizations the requirements of APB Opinion No. 12,
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Unformatted text preview: Omnibus Opinion-1967, to disclose information about depreciable assets and depreciation. This Statement does not cover matters of financial statement display, recognition of assets, or measurement, such as how to measure the amount of depreciation to be recognized for a particular period. This Statement is effective for financial statements issued for fiscal years beginning after May 15, 1988, with earlier application encouraged. Case 1-2 I cannot find it. They will charge me....
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