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
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.