Non Profits Flashcards
1
Q
when are nfp contributions recognized?
A
when they are unconditionally promised or received, whichever is earlier.
2
Q
what statements are required for nfps?
A
1 - statement of financial position
2 - statement of cash flows
3 - statement of activities
3
Q
for normal businesses, the accounting formula is assets = liabilities + equity. what is it for nfps?
A
assets = liabilities + net assets
4
Q
what does ias 20 state regarding recognizing revenue from grants?
A
only if there is reasonable assurance the entity will meet conditions of grants and that grant will be received
