- FASB Home››
- REFERENCE LIBRARY››
- Superseded Standards
Summary of Statement No. 93
Recognition of Depreciation by Not-for-Profit Organizations (Issued 8/87)
Summary
This Statement requires all not-for-profit organizations to recognize the cost of using up long-lived tangible assets-depreciation-in general-purpose external financial statements. However, depreciation need not be recognized for certain works of art and certain historical treasures. The Statement also extends to not-for-profit organizations the requirements of APB Opinion No. 12, Omnibus Opinion-1967, to disclose information about depreciable assets and depreciation.
This Statement does not cover matters of financial statement display, recognition of assets, or measurement, such as how to measure the amount of depreciation to be recognized for a particular period.
This Statement is effective for financial statements issued for fiscal years beginning after May 15, 1988, with earlier application encouraged.
REFERENCE LIBRARY
- Project Plans Archive
- FASB Outlook
- Presentations & Speeches
- Meeting Minutes
- Public Forums
- Exposure Documents & Public Comment Documents
- Other Comment Letters
- Ballots
- Additional Communications
- Research Project Published Reports
- Agenda Requests
- Foundation Annual Reports
- FASB Chairman Quarterly Reports
- Superseded Standards
- Technical Inquiry Service
- Comparability in International Accounting Standards
- Public Reference Request Form
- Strategic Plan
- FASB Special Report: The Framework of Financial Accounting Concepts and Standards