In accordance with ASC 958,contributions of services are recognized as increases in net assets without donor restrictions by a private,not for profit entity if which of the following criteria are satisfied?
I.The services received create or enhance nonfinancial assets.
II.The services require specialized skills,are provided by individuals possessing those skills,and would typically need to be purchased if not provided by donations.
III.The services will be performed within the current fiscal year.
A)I or II.
B)I or III.
C)II or III.
D)I,II,III.

Question

Quizplus · Accepted Answer

According to ASC 958, contributions of services are recognized if they either (I) create or enhance nonfinancial assets or (II) require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation. The timing of the service (III) within the fiscal year is not a criterion for recognition.

In Accordance with ASC 958,contributions of Services Are Recognized as Increases