Question
In: Accounting
Are there circumstances when financial statements can quantify volunteers' services?
Are there circumstances when financial statements can quantify volunteers' services?
Solutions
Expert Solution
As per the recent changes made in FASB STANDARDS, volunteer services shall be recognised in financial statemets unlike earlier they were not recognised because there was not any measurement tool for recording their services value in money.
But we are left with one question. Which is:
Are volunteer services always be recorded or are there any criteria for recognising them!? And how such amount shall be ascertained!?
Well here are the conditions which when fulfilled, then volunteer services shall be recorded.
- The services provided by such volunteers either creates or enhance any nonfinancial assets. Where nonfinancial assets also includes buildings and equipments
- Such services shall require some specialised skills, and thus service are provided by the individuals with those skills. Example doctors, Lawyers, Accountants, Architects, Interior designers etc.
(FASB STANDARD 116 & 117)
If any of the conditions is not met, then volunteer servies shall not be recognised.
They shall be recorder at Fair value of such services provided in the market.
ekkarill92 answered 1 year agoRelated Solutions
What financial statements and financial ratios can be used to quantify the financial health of a...
What financial statements and financial ratios can be
used to quantify the financial health of a firm. How might this
information be useful to individuals outside of the accounting
world? Please include examples to support your posting.
There are currently limited circumstances in which intangible assets can be recorded in the financial statements...
There are currently limited circumstances in which intangible
assets can be recorded in the financial statements of Australian
companies. Do you think this is appropriate or do you think
the accounting standards should allow more extensive disclosures of
intangible assets? Justify your position and include an
example?
3 Mention in what circumstances there would be barriers to export products or services or when...
3 Mention in what circumstances there would be barriers to
export products or services or when they would be wrong to do
so.
Under what circumstances Financial Liberalization can be beneficial for an economy?
Under what circumstances Financial Liberalization can be beneficial
for an economy?
Financial statements and closing entries Foxy Investigative Services is an investigative services firm that is owned...
Financial statements and closing entries
Foxy Investigative Services is an investigative services firm
that is owned and operated by Shirley Vickers. On November 30,
20Y8, the end of the fiscal year, the accountant for Foxy
Investigative Services prepared an end-of-period spreadsheet, a
part of which follows:
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 20Y8
~
Adjusted Trial Balance
Account Title
~
Dr.
Cr.
~
Cash
~
22,000
Accounts Receivable
~
68,400
Supplies
~
4,400
Prepaid Insurance...
Set out two circumstances in which it may be necessary to complete financial statements from incomplete...
Set out two circumstances in which it may be necessary to
complete financial statements from incomplete records and discuss
the risks involved in preparing these financial statements.
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and...
Financial Statements and Closing Entries
The Gorman Group is a financial planning services firm owned and
operated by Nicole Gorman. As of October 31, 2019, the end of the
fiscal year, the accountant for The Gorman Group prepared an
end-of-period spreadsheet, part of which follows:
The Gorman Group
End-of-Period Spreadsheet
For the Year Ended October 31, 2019
Adjusted Trial Balance
Account Title
Dr.
Cr.
Cash
$15,670
Accounts Receivable
34,110
Supplies
5,330
Prepaid Insurance
11,510
Land
121,000
Buildings
436,000
Accumulated Depreciation-Buildings...
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and...
Financial Statements and Closing Entries The Gorman Group is a
financial planning services firm owned and operated by Nicole
Gorman. As of October 31, 2018, the end of the fiscal year, the
accountant for The Gorman Group prepared an end-of-period
spreadsheet, part of which follows: The Gorman Group End-of-Period
Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial
Balance Account Title Dr. Cr. Cash $15,460 Accounts Receivable
33,660 Supplies 5,260 Prepaid Insurance 11,360 Land 120,000
Buildings 430,000 Accumulated Depreciation-Buildings...
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and...
Financial Statements and Closing Entries
The Gorman Group is a financial planning services firm owned and
operated by Nicole Gorman. As of October 31, 2019, the end of the
fiscal year, the accountant for The Gorman Group prepared an
end-of-period spreadsheet, part of which follows:
The Gorman Group
End-of-Period Spreadsheet
For the Year Ended October 31, 2019
Adjusted Trial Balance
Account Title
Dr.
Cr.
Cash
17,960
Accounts Receivable
39,100
Supplies
6,110
Prepaid Insurance
13,200
Land
139,000
Buildings
500,000
Accumulated Depreciation-Buildings...
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and...
Financial Statements and Closing Entries
The Gorman Group is a financial planning services firm owned and
operated by Nicole Gorman. As of October 31, 20Y3, the end of the
fiscal year, the accountant for The Gorman Group prepared an
end-of-period spreadsheet, part of which follows:
The Gorman Group
End-of-Period Spreadsheet
For the Year Ended October 31, 20Y3
Adjusted Trial Balance
Account Title
Dr.
Cr.
Cash
16,260
Accounts Receivable
35,390
Supplies
5,530
Prepaid Insurance
11,940
Land
126,000
Buildings
452,000
Accumulated Depreciation-Buildings...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Consider the following two banks: Bank 1 has assets composed solely of a 10-year, 14.00 percent...
- Assignment Purpose The purpose of this lab is to write a well commented java program that...
- When a conductor e.g. metal or carbon is immersed in a electrolyte, electric double layer will...
- What are the basic elements of a valid contract? What are the elements of an offer?...
- Jean-Jacques Rousseau and John Locke both seem to have an idea as to what best impacts...
- 1. Provide an overview of the systems design phase. 2. Explain Apple’s view of user interface...
- Please consider the following, and offer three (3) responses between one (1) and three (3) sentences...
ADVERTISEMENT