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Executive Summary Statement Requirements

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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.

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The executive summary statement requirements are examined.

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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 ...

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