SFAS No. 116 changes accounting procedures for contributions.
SFAS No. 116 will significantly change the accounting procedure for contributions received by healthcare organizations. It requires that contributions be recognized as revenue, at fair value, in the period received. In addition, a major change in SFAS No. 116 is that an unconditional pledge must be recognized in the year it is received, even if the actual contribution will be received in installments over future accounting periods.
Cleveland State University, OH, USA.
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D000066:Accounting / Q000592:standards*; D005375:Financial Audit / Q000592:standards; D005377:Financial Management, Hospital / Q000592:standards*; D005653:Fund Raising / Q000592:standards*; D017408:Guidelines as Topic; D007182:Income; D014481:United States