Requirement A: Recording Revenue
- What is meant by the reference in Table 5.3-1 to an FAS 116 adjustment?
- How are contributions recorded? Is there a distinction between pledges receivable and accounts receivable?
- Are there circumstances when financial statements can quantify volunteers’ services?
- Can financial statement users of not-for-profit hospitals’ financial statements expect to be fully informed regarding affiliated parties, such as the linkages between St. Jude Children’s Research Hospital, ALSAC, and the foundation cited? Explain.