Question

The FASB requires that long-term unconditional pledges (those that will not be collected within a year) be reported at fair value.

True

False

Answer 1

The FASB requires that long-term unconditional pledges be reported at fair value.

Step-by-step explanation:

The FASB (Financial Accounting Standards Board) requires that long-term unconditional pledges, which are pledges that will not be collected within a year, be reported at fair value. This means that the value of these pledges should be reported based on their current market value.