FAR 1

Question 1

What type of financial statements are temporary market declines expected to reverse recognized?

Answer 1

Not interim financials, only year-end

Question 2

For NFPs, what section of the Cash Flow statement would transactions with long-term restrictions be reported?

Answer 2

Financing section

Question 3

For NFPs, when and how are unconditional contributions recognized?

Answer 3

In the period received at fair value