Statements of Financial Accounting Standards (SFAS) 116 and 117 Executive Summary

parameters of Financial story Standards (SFAS) 116 and 117 executive director Summary According to the University of Phoenix (2007), spirit no. 116 addresses write up for Contributions real and Contributions Made and contention no(prenominal) 117 addresses Financial instruction of zero(prenominal)-for-Profit Organizations. These deuce disputations show how non-profit organizations report their contributions and how their contributions ar presented on financial reports. This stocky will be assessing the requirements of Statement of Financial Accounting Standards (SFAS) 116 and 117 and how it impacts the financial tilts. The Statement No. 116 addresses Accounting for Contributions Received and Contributions Made, contributions consist of gifts of cash, merchantable securities, property and equipment, utilities, supplies, intangible assets (such as patents and copyrights), and the services of professionals and skilled workers (University of Phoenix, 2007, p.490). These contributions use up to be accounted for at comme il faut value, unless their is a particular sight or contributed service. Statement No.

116 requires not-for-profit organizations to: -- stern between contributions received that amplify permanently restricted run assets, temporarily restricted wampum assets, and unrestricted win assets -- terror of the expiration of donor-imposed restrictions -- disclosures for arrangement items not capitalized and for receipts of contributed services and promises to unconnected (FINANCIAL ACCOUNTING STANDARDS BOARD, 2008). Statement No. 117 consists of detailed information circular the generally accepted method of accounting principles with regard to how contributions are pick out on financial narrations. Statement No. 117 requires not-for-profit organizations to: -- to provide a statement of financial position -- a statement of activities -- a statement of cash flows. -- amounts for the organizations total assets, liabilities, and net assets in a statement of financial position --...If you want to find oneself a full essay, collection it on our website: Ordercustompaper.com

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