# ASC 360-958-25: Property, Plant, and Equipment — Not-for-Profit Entities — 25 Recognition Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/360/958/#25-recognition) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:10:44.016Z to 2026-09-10T00:10:44.016Z Record version: sha256:268f2722f7e75be03a075fbbfe08405fcaa939310e8efddeaca046e086b4b668 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 360-958-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/360/958/#25-recognition) SEC content: no ##### [360-958-25-1](https://asc.understandingaccounting.org/asc/360/958/#360-958-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:10:44.016Z to 2026-09-10T00:10:44.016Z Record version: sha256:28dcb3f245de994f64e8bf24dbffff2e13f82d18ced52e5af65351704348cf9f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Property, plant, and equipment acquired by [contribution](https://asc.understandingaccounting.org/glossary/c/#contribution "An unconditional transfer of cash or other assets, as well as unconditional promises to give, to an entity or a reduction, settlement, or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as an owner. Those characteristics distinguish contributions from:Exchange transactions, which are reciprocal transfers in which each party receives and sacrifices approximately commensurate valueInvestments by owners and distributions to owners, which are nonreciprocal transfers between an entity and its ownersOther nonreciprocal transfers, such as impositions of taxes or legal judgments, fines, and thefts, which are not voluntary transfers. In a contribution transaction, the resource provider often receives value indirectly by providing a societal benefit although that benefit is not considered to be of commensurate value. In an exchange transaction, the potential public benefits are secondary to the potential direct benefits to the resource provider. The term contribution revenue is used to apply to transactions that are part of the entity's ongoing major or central activities (revenues), or are peripheral or incidental to the entity (gains). See also Inherent Contribution and Conditional Contribution.") is recognized in accordance with the Contributions Received Subsections of Subtopic 958-605. However, a [not-for-profit entity](https://asc.understandingaccounting.org/glossary/n/#not-for-profit-entity "An entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity: Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return Operating purposes other than to provide goods or services at a profit Absence of ownership interests like those of business entities. Entities that clearly fall outside this definition include the following: All investor-owned entities Entities that provide dividends, lower costs, or other economic benefits directly and proportionately to their owners, members, or participants, such as mutual insurance entities, credit unions, farm and rural electric cooperatives, and employee benefit plans.") (NFP) need not recognize contributions of works of art, historical treasures, and similar assets if the donated items are added to [collections](https://asc.understandingaccounting.org/glossary/c/#collections "Works of art, historical treasures, or similar assets that meet all of the following criteria: They are held for public exhibition, education, or research in furtherance of public service rather than financial gain. They are protected, kept unencumbered, cared for, and preserved. They are subject to an organizational policy that requires the use of proceeds from items that are sold to be for the acquisitions of new collection items, the direct care of existing collections, or both. Collections generally are held by museums; botanical gardens; libraries; aquariums; arboretums; historic sites; planetariums; zoos; art galleries; nature, science, and technology centers; and similar educational, research, and public service organizations that have those divisions; however, the definition is not limited to those entities nor does it apply to all items held by those entities.") (see the following paragraph and paragraph [958-360-25-3](https://asc.understandingaccounting.org/asc/360/958/#360-958-25-3)). #### Works of Art, Historical Treasures, and Similar Items ##### [360-958-25-2](https://asc.understandingaccounting.org/asc/360/958/#360-958-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:10:44.016Z to 2026-09-10T00:10:44.016Z Record version: sha256:48d8b48071cc875328ea5acf0226969d6cda75ccb10fe905fffbdd513c98bb46 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Works of art, historical treasures, and similar items that are not part of a collection shall be recognized as assets in financial statements. ##### [360-958-25-3](https://asc.understandingaccounting.org/asc/360/958/#360-958-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:10:44.016Z to 2026-09-10T00:10:44.016Z Record version: sha256:8e1ceb6d8a77489aa7cdf8bc59972c544a1b648d7ef61d140e3532ccc5005e0e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An NFP that holds works of art, historical treasures, and similar items that meet the definition of a collection has the following three alternative policies for reporting that collection: 1. a Capitalization of all collection items 2. b Capitalization of all collection items on a prospective basis (that is, all items acquired after a stated date) 3. c No capitalization. Capitalization of selected collections or items is precluded.