Explore BrainMass

Explore BrainMass

    Executive Summary Statement Requirements

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    SFAS 116 and 117 Executive Summary

    · Resources: Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary

    · Write an Executive Summary assessing the requirements of SFAS 116 and 117 and its effect on the financial statements.

    · Refer to the sample Executive Summary located on your student Web site under the Assessment section of Week Five for instructions on how to format your assignment.

    © BrainMass Inc. brainmass.com June 4, 2020, 12:06 am ad1c9bdddf
    https://brainmass.com/business/accounting/executive-summary-statement-requirements-319280

    Solution Preview

    ANSWERS

    Statement of Financial Accounting Standards No. 116, Accounting for Contributions Receivable and No. 117, Financial Statements of Not-for-Profit Organizations

    SFAS No. 116 explicitly provides guidelines, standards and principles on the accounting treatments, both recording and presentation, for contributions received and made.

    As a general rule, unconditional contributions received are recognized as revenues when they are received and valued at market whereas conditional ...

    Solution Summary

    The executive summary statement requirements are examined.

    $2.19

    ADVERTISEMENT