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Accountants’ Handbook Special Industries and Special Topics 10th Edition_9

Tham khảo tài liệu 'accountants’ handbook special industries and special topics 10th edition_9', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 33 24 NOT-FOR-PROFIT ORGANIZATIONS favorite music is conditional but unrestricted the donor has not said the gift must be used to pay for the performance whereas I pledge 20 000 for the cost of playing my favorite piece of music is restricted but unconditional. In the latter case the donor has said the pledge will be paid but can only be used for that performance. The difference in wording is small but the accounting implications are great. The conditional pledge is not recorded at all until the condition is met the unconditional restricted pledge is recorded as revenue in the temporarily restricted class upon receipt of notification of the pledge. Appendix 33.4 contains a checklist to help readers determine whether an unconditional pledge actually exists. Appendix 33.5 contains a checklist to help distinguish conditions from restrictions. Discounted to Present Value. Prior to SFAS No. 116 pledges were recorded at the full amount that would ultimately be collected. None of the accounting literature for not-for-profit organizations talked about discounting pledges to reflect the time value of money. There had been for many years an accounting standard applicable to business transactions that does require such discounting APB No. 21 but not-for-profit organizations universally chose to treat this as not applicable to them and accountants did not object. SFAS No. 116 does require recipients and donors of pledges payable beyond the current accounting period to discount the pledges to their present value using an appropriate rate of interest. Thus the ability to receive 1 000 two years later is really only equivalent to receiving about 900 assuming about a 5 rate of interest now because the 900 could be invested and earn 100 of interest over the two years. The higher the interest rate used the lower will be the present value of the pledge since the lower amount would earn more interest at the higher rate and still be worth the full 1 000 two years hence. The appropriate