Under FAS 116, contributed services are recognized only if they create or enhance nonfinancial assets.

Question

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Under FAS 116 (Accounting for Contributions Received and Contributions Made), contributed services are recognized if they (a) create or enhance nonfinancial assets or (b) require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation.

Under FAS 116, Contributed Services Are Recognized Only If They