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Statement of Financial Accounting Standards 116 and 117

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Need a one page executive summary assessing the requirements of SFAS 116 and 117 and its impact on the Financial Statements.

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Response describes the statement of Financial Accounting Standards 116 and 117

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Statement of Financial Accounting Standards 116 and 117

Need a one page executive summary assessing the requirements of SFAS 116 and 117 and its impact on the Financial Statements

SFAS 116 and 117 is issued by the Financial Accounting Standards Board. These standards are related to the non profit sector. Financial Accounting Standard No. 116, deals with contributions made and received, and Financial Accounting Standard No. 117, deals with financial statement format. As per the ruling, compliance with both standards is required for years ending December 31, 1995 and beyond, with an optional one year delay for small organizations which ...

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