JOURNAL OF HIGHER EDUCATION THEORY AND PRACTICE

SFAS No. 116, Contributions Received and Contributions Made:

What We Know and What We Don’t?

Author(s): Meifang Xiang, Linda Holmes

Citation: Meifang Xiang, Linda Holmes, (2012) "SFAS No. 116, Contributions Received and Contributions Made: What We Know and What We Don’t?," Journal of Higher Education Theory and Practice, Vol.12, Iss. 5, pp. 141 - 153

Article Type: Research paper

Publisher: North American Business Press

Abstract:

This study reviews SFAS No. 116, Accounting for Contributions Received and Contributions Made. Contributions received are recognized as revenues and contributions made are recorded as expenses in the period made. After a summary of various forms of contributions received or made, this study points out some updates to SFAS No. 116 that are needed. These include contributions made by governments to private sector not-for-profit organizations and by governments to business enterprises. The implications for practitioners and policymakers regarding the updates are also discussed.