The text states that NFPOs have the option of not recognizing donated works of art, historical artifacts,

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The text states that NFPOs have the option of not recognizing donated works of art, historical artifacts, and similar items as assets and revenues, provided they are added to collections and the NFPOs meet certain other conditions. The practices of several major museums are illustrated in the practice example “Art . . . and Bones, Rocks, Frozen Tissues.” Discuss the arguments for and against this option.

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Introduction to Governmental and Not for Profit Accounting

ISBN: 978-0132776011

7th edition

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

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