The FASB Standards Require Not-For-Profit Entities to Separately Report Program

question 50

True/False

The FASB standards require not-for-profit entities to separately report program expenses and support expenses.

Describe the recognition of gains and losses on fair value through profit or loss (FVTPL) securities and their impact on net income.

Understand the treatment of realized gains from the sale of FVTOCI investments.

Comprehend different valuation and reporting methods for investments and their implications on financial statement analysis.

Know the prospective and retrospective handling of changes in ownership interests causing a switch between equity method and fair value accounting.

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Definitions:

Conversion

The wrongful act of taking or using another's property without permission, effectively depriving them of its use.

Slander Per Se

Defamatory statements that are so obviously harmful that damages are assumed and do not need to be proven.

Libel Per Se

Defamatory statements made in written form that are inherently damaging to the reputation of the subject, without needing to prove actual harm.

Loss of Income

The reduction or complete halt of earnings, often due to unemployment, disability, or other circumstances preventing an individual from working.