NFP Flashcards
(1 cards)
1
Q
When a not-for-profit entity receives a multi-year unconditional promise to give, how should the present value of the promise be recorded?
A
B. At the present value of the future cash flows
NOT
A. At the full value of the promised amount.
A multi-year unconditional promise to give is recorded at the present value of the future cash flows expected to be received.
