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.
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 ...
The executive summary statement requirements are examined.