Question: Several not for profit organizations use television campaigns to obtain pledges
Several not- for-profit organizations use television campaigns to obtain pledges to contribute cash. Some people think that not- for- profit entities should recognize pledges as revenues when the cash is actually received. Others would recognize revenues when the pledges are made, subject to a pro-vision for amounts not likely to be collected. Based on that scenario, discuss (a) the need for an accounting standards- setting body, (b) the qualifications that members of that body should possess, and (c) the procedures that body should adopt in establishing accounting standards.
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