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FASB Statement 116

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The statement of the Financial Accounting Standards Board with the title Accounting for Contributions Received and Contributions Made. This statement was originally issued in June 1993 and applies to both nonprofit organizations and to for-profit businesses. This statement can be read at no cost at www.FASB.org.

Dictionary

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  • Debits and Credits
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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