The FASB requires that investments initially be recorded by a not-for-profit organization at cost,or in the case of donated investments at fair value as of the date of the donation.

Question

Quizplus · Accepted Answer

This statement is true. The Financial Accounting Standards Board (FASB) requires that investments be recorded at cost initially, and in the case of donated investments, they should be recorded at fair value as of the date of the donation.

The FASB Requires That Investments Initially Be Recorded by a Not-For-Profit