Final answer:
FASB requires contributed services to be recognized at fair value only if they are significant and meet specific criteria, such as creating or enhancing non-financial assets or requiring specialized skills that would typically be purchased.
Step-by-step explanation:
The Financial Accounting Standards Board (FASB) requires the recognition of contributed services at their fair value C. Only if significant and meets specific criteria. This means that not all contributed services are recognized at fair value in the financial statements.
According to FASB standards, contributed services can be recognized when they either create or enhance non-financial assets, or they require specialized skills, are provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation. This criteria identifies services that are deemed significant and likely to be counted in financial reporting.
The Financial Accounting Standards Board (FASB) requires recognition of contributed services at their fair value only if the services are significant and meet specific criteria. This means that if a person or organization provides services that are valuable and meet certain requirements, their fair value can be recognized.