Under FAS 116, contributed services are valued using the minimum wage.

Question

Quizplus · Accepted Answer

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. There is no requirement to value these services using the minimum wage; instead, they should be recorded at their fair value.

Under FAS 116, Contributed Services Are Valued Using the Minimum