FASB Statement 136 Transfer of Assets to a Not-For-Profit Organization

question 61

Essay

FASB Statement 136 Transfer of Assets to a Not-for-Profit Organization or Charitable Trust that Raises or Holds Contributions for Others provides guidance on how intermediary recipient organizations should record receipt of resources held for others. Briefly describe the issue and how such transfers should be recorded.

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Definitions:

Peptide Hormones

Biomolecules that act as signaling molecules in the body, composed of short chains of amino acids.

Amino Acids

Organic compounds that combine to form proteins, serving as building blocks for life.

Receptors

Specialized cells or proteins on cell surfaces or within cells that bind to specific substances, triggering a cellular response.

Exophthalmos

Bulging of the eyeballs, often related to hyperthyroidism.