Donated services should be considered revenue if the service creates or enhances a nonfinancial asset or requires a specialized skill which would have had to be purchased if not donated.

Question

Quizplus · Accepted Answer

Contributed services are recognized as revenue only specific circumstances; if the service 1) creates or enhances nonfinancial assets or 2) requires specialized skills, is provided by someone possessing those skills, and typically would be purchased if not provided by donation.

Donated Services Should Be Considered Revenue If the Service Creates