O'Reilly logo

Wiley Not-for-Profit GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles by Richard F. Larkin, Marie DiTommaso, Warren Ruppel

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

23 CONTINGENCIES

PERSPECTIVE AND ISSUES

The accounting requirements for contingencies are contained primarily in FASB ASC 450. A contingency is an existing condition, situation, or set of circumstances involving uncertainty as to possible gain or loss to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur. Resolution of the uncertainty may confirm the acquisition of an asset, the reduction of a liability, the loss or impairment of an asset, or the incurrence of a liability. (FASB ASC 450-10-05-5)

Not-for-profit organizations use the same rules for recording and disclosing contingencies as commercial entities. In addition to all of the contingencies that face commercial enterprises, not-for-profit organizations often provide programs under ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required