Final answer:
The FASB requires that not-for-profit organizations record unconditional pledges as support when the pledge is made, not only when received in cash, making the statement false.
Step-by-step explanation:
The statement that the Financial Accounting Standards Board (FASB) requires not-for-profit organizations to record unconditional pledges as support (contributions) only when received in cash is false. According to the FASB's accounting standards, not-for-profit organizations should recognize unconditional promises to give as revenue in the period the pledge is made, even if the cash is received in a different period. An unconditional pledge is a promise to give that does not depend on a specified event, condition, or circumstance and thus must be recorded at its net realizable value as support when the pledge is made.