Recorded as contribution and expense when recognized only if either of the following two conditions are met 1. the services create or enhance a non financial asset or 2. the services require spcialized skills, are provided by individualspossessing those skills, and would need to be purchased if not provided (for example, CPA service) Contributed services that do not meet the above criteria should not be recognized.
Recorded as contribution and expense when recognized only if either of the following two conditions are met
ReplyDelete1. the services create or enhance a non financial asset or
2. the services require spcialized skills, are provided by individualspossessing those skills, and would need to be purchased if not provided (for example, CPA service)
Contributed services that do not meet the above criteria should not be recognized.