It also requires recognition of the expiration of donor-imposed restrictions in the period in which the restrictions expire. This Statement allows certain exceptions for contributions of services and works of art, historical treasures, and similar assets. Contributions of works of art, historical treasures, and similar assets need not be recognized as revenues and capitalized if the donated items are added to collections held for public exhibition, education, or research in furtherance of public service rather than financial gain. This Statement requires certain disclosures for collection items not capitalized and for receipts of contributed services and promises to give. For those organizations, the Statement is effective for fiscal years beginning after December 15, 1995.
Earlier application is encouraged.
This Statement may be applied either retroactively or by recognizing the cumulative effect of the change in the year of the change. The provisions for recognition of expirations of restrictions may be applied prospectively.