FASB Accounting Standards Codification (ASC)

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FASB Accounting Standards Codification (ASC)

FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac, 2017). According to FASB ASC 958-605-8, pursuant to paragraph 958-605-25-2, an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form of supporting documents. Furthermore, according to FASB ASC 958-605-25-9, a statement of transfer that does not clearly specify whether it is a promise is considered an unconditional promise to give if it signifies an unconditional intention to give

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