Write a
two-page Executive Summary assessing the requirements of SFAS 116 and 117 and
its effect...

Question

Write a
two-page Executive Summary assessing the requirements of SFAS 116 and 117 and
its effect on the financial statements.

David · Accepted Answer

Executive summary on SFAS 116 and 117 and its effects on financial statements 
Statement of Financial Accounting Standards (SFAS) 116 and 117 are standards formulated for 
not for profit and non-governmental entities. These standards provide accounting for 
contributions and presentation of financial statements.  
Statement of Financial Accounting Standards 117 
This standard is also called as Financial Statements of Not for Profit organizations and it a very 
important document for accounting and financial reporting for not for profit organizations. It 
standardizes the requirements of financial reporting for not for profit sector and modifies and 
updates the current needs so as to bring improvement in financial reporting of not for profit 
organizations. The standard states three financial statements for not for profit organizations: 
(Ruppel, 2007) 
1. Statement of Financial Position –The statement of financial position reports the amount 
of net assets of a not for profit organization in three different classes namely permanently 
restricted net assets, temporarily restricted net assets and unrestricted net assets.

Write a two-page Executive Summary assessing the requirements of SFAS 116 and 117 and its effect on the financial statements.

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