Eligibility requirements are established by the provider and may stipulate the qualifying characteristics of recipients, time requirements, allowable costs, and other contingencies. This Statement also provides guidance on recognizing promises made by private donors, contraventions of provider stipulations, and nonexchange revenues administered or collected by another government. Appendix C includes a chart summarizing the classes of nonexchange transactions and recognition requirements. Appendix D includes cases to illustrate how nonexchange transactions should be classified and when they should be recognized in accordance with this Statement. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2000.
Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraphs 2 and 3 discuss the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission.