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Assess the requirements of SFAS 116 and 117 and its impact on the financial statements.
financial statement bookkeeping, transitional accounting.
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Solution Summary
This solution discusses regluations and requirements for financial statements. Concepts covered include: financial statements, bookkeeping and transitional accounting.
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The Statement of Financial Accounting Standards (SFAS) 116 and 117 were developed to bring understanding, enhance the relevance and comparability of non-profit organization's financial statements by external users (www.fasb.org). The two statements relate to how non-profit organizations should account for contributions and how the contributions are presented in financial statements (Locklear, 1997). The SFAS 116 outlines how donations are accounted for by donors and receivers, according to donor-imposed restrictions. The SFAS 117 explains generally accepted accounting principles relating to how non-profit organizations report contribution information in financial statements.
The Statement of Financial Accounting Standards 116 establishes standards for contributions and it applies to all individuals or organizations that receive or make contributions (www.fasb.org). Contributions received, including unconditional promises to give, are recognized as revenues in the period received at their fair values. Contributions made, including unconditional promises to give, are recognized as expenses in the period made at their fair values. ...
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