1. FASB statement 116 requires contributions to be recorded as revenue when the contribution is promised.
2. After the issuing of Statement 117, not-for-profit financial statements are relatively standardized across industries.
3. FASB statement 124 requires that investments in equity securities with readily determinable values be reported at fair market value.
4. The single audit requirements apply only to state and local governments. Private not-for-profits do not have to comply with these requirements, even if they receive federal grants.
Great question... View the full answer