# ASC 405-958-35: Liabilities — Not-for-Profit Entities — 35 Subsequent Measurement

Source: FASB Accounting Standards Codification, Basic View

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## ASC 405-958-35: 35 Subsequent Measurement

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#### Liability for Promises to Give

##### [405-958-35-1](https://asc.understandingaccounting.org/asc/405/958/#405-958-35-1)

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If the present value of the amounts to be paid is used to measure [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.") of an [unconditional promise to give](https://asc.understandingaccounting.org/glossary/u/#unconditional-promise-to-give "A promise to give that depends only on passage of time or demand by the promisee for performance.") at initial recognition, in conformity with paragraphs

[835-30-25-10 through 25-11](https://asc.understandingaccounting.org/asc/835/30/#835-30-25-10)

, the discount rate shall be determined at the time the unconditional promise to give is initially recognized and shall not be revised, unless the [promise to give](https://asc.understandingaccounting.org/glossary/p/#promise-to-give "A written or oral agreement to contribute cash or other assets to another entity. A promise carries rights and obligations—the recipient of a promise to give has a right to expect that the promised assets will be transferred in the future, and the maker has a social and moral obligation, and generally a legal obligation, to make the promised transfer. A promise to give may be either conditional or unconditional.") is subsequently remeasured at fair value pursuant to the Fair Value Option Subsections of Subtopic 825-10.