The significant accounting policies followed are described below to enhance the usefulness of the financial statements to the reader. Investments Investments are presented in the financial statements at fair market value. Equipment and Furniture Expenditures for equipment and furniture are capitalized at cost.
Depreciation is computed on the straight-line method over estimated useful lives of five years.
Deferred Revenues Deferred revenues include membership dues and conference fees that have not been earned in the year received. These amounts are included in revenue in the subsequent year. Revenues derived from membership dues are recognized ratably over the membership period. Revenues from conferences are recognized upon completion of the conference. In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.