Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary - Assignment Example

Comments (0) Cite this document
The "Statement of Financial Accounting Standards (SFAS) 116 and 117" establishes principles that are used for financial statement reporting and donations in the not-for –profit and non-governmental institutions and other entities making or getting contributions (McCarthy et…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.3% of users find it useful
Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary
Read TextPreview

Extract of sample "Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary"

ments of Financial Accounting Standards (SFAS) 116 And 117 Affiliation: The ment of Financial Accounting Standards (SFAS) 116 and 117" establishes principles that are used for financial statement reporting and donations in the not-for –profit and non-governmental institutions and other entities making or getting contributions (McCarthy et al., 2012). Contributions made are treated as expenses while those received are treated as income for the organization.
SFAS 116 describes the approach used for allotting of contributions some of which imposes conditions to the beneficiaries (McCarthy et al., 2012). There are three forms of allocations. The first has permanent restrictions whereby the donor avails funds to the beneficiary for a particular use only. The second imposes temporary restriction that limits the use of the resource for specific purpose and time. As long as the recipient meets the specified condition they are free to use the available resources without further limitations. Finally, the standard may be unrestricted thus allowing the recipient to use the donor’s resources to satisfy their needs unconditionally (McCarthy et al., 2012).
On the other hand, SFAS 117 illustrates how non-for-profit organizations should account for their donations in the financial statements (McCarthy et al., 2012). The standard stipulates three financial statements that can be used by not-for-profit organizations to report their financial information. They include, “statement of financial position, statement of cash flows and statement of activities” (McCarthy et al., 2012). In the statement of activities income and expenditures focus on the entire organization and individual funds.
Non-governmental and not-for-profit organizations should be aware of the changes taking place in SFAS 116 and 117 and ensure adherence and accurate reporting of correctly (McCarthy et al., 2012)
McCarthy, J. H., Shelmon, N. E. & Mattie, J. A. (2012). Financial and Accounting Guide for Not-for-Profit Organizations. USA: John Wiley & Sons. Read More
Cite this document
  • APA
  • MLA
(“Statements of Financial Accounting Standards (SFAS) 116 and 117; Assignment”, n.d.)
Retrieved from
(Statements of Financial Accounting Standards (SFAS) 116 and 117; Assignment)
“Statements of Financial Accounting Standards (SFAS) 116 and 117; Assignment”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary

Financial Reporting - International Accounting Standards

...? Financial Reporting – International Accounting Standards [School] Number] May 26, The essay discusses the challenges faced by International Accounting Standards Board in accomplishing its mission of introducing international financial reporting standards for general purpose financial statements. It further discusses about the key characteristics of International Accounting Standards Board’s framework. The essay finally discusses about development of International Financial Reporting Standard for small and medium sized entities and the modifications thereof. Financial Reporting – International Accounting Standards The essay analyses the challenges faced in establishing International Financial Reporting Standard, the characteristics...
12 Pages(3000 words)Essay

Income Statements of International Financial Reporting Standards

... Income Statements of International Financial Reporting Standards Introduction U.S GAAP (Generally Accepted Accounting Principles) is practiced only in United States while IFRS (International Financial Reporting Standards) are adopted by the International Accounting Standards Board (IASB). There are notable differences between IFRS income statement and a typical income statement prepared using U.S GAAP. Differences in Income Statements Firstly, income statement captions are not required in the case of US GAAP while IFRS prescribes minimum caption in income statement. In addition, the US GAAP treatment allows either single step or multiple steps format for income statement captions. According to Epstein (2011), under US GAAP, expenses...
4 Pages(1000 words)Term Paper

Executive Summary

...?‘Women and HIV in Prison; Enhancing Care and Quality of Life’ Executive Summary: Healthcare Project for Female Prisoners: The Purpose of the Project: The purpose of this project is to provide improved health care facilities to the female prisoners. It has been observed that many countries lack properly strategized HIV prevention, treatment and support programs. Therefore, considering the various factors and their consequences faced by the female prisoners; this program is strategized to meet the various needs of the female prisoners suffering from HIV. It is a known fact that usually healthcare programs fail to meet the gender-specific needs in prison. Studies have shown that women prisoners are more infected by HIV and drug abuse...
3 Pages(750 words)Assignment

Unified Financial Accounting Standards

Unified Financial Accounting Standards

Indeed, since the modern business takes place in a global market, there is absolute need to define how to do business across all nations (Ingram, & Albright, 2007). As such, various organizations seek to establish different business and financial measures to define the universal manner of doing global business. Financial accounting standards are some of the measures, which all companies must comply with while doing business, assessing their progress, and reporting their success. Financial accounting standards seek to establish fairness, equality, uniformity, accuracy, and transparency in the preparation and presentation of financial statements. As such, financial accounting standards...
5 Pages(1250 words)Essay

Executive summary

...? PAYMENT FOR HEALTH SERVICES IN MEXICO (EXECUTIVE SUMMARY) al arrangements for sufficient, efficient, sustainable and fair financing are a major determinant of the performance of any healthcare system; moreover, due to the technical complexities, political sensitivities and ethical implications, the solution to the main financing challenges faced by health sectors has been hard to pin down (Tracy 2011). There are a number of countries like Mexico that have been facing financial problems in the health sector since the beginning of times, with efforts being made to try and alter the tradition but failing. For instance, in 2003 a significant number of the Mexican Congress approved a reform to the Mexico’s General Health Law establishing...
5 Pages(1250 words)Essay

Financial Accounting Standards

...Accounting Accounting-CAFR of Texas Link to Texas's CAFR website: https The Comprehensive Annual Financial Report is a comprehensive and in depth report written to present the financial condition of each state. It is responsible not only for presenting the state's activities but also for giving balances of the state's expenditures. The CAFR is divided into three parts: introductory, financial and statistical (State of Washington). The introductory part is responsible for giving the transmittal letter. The financial contains the auditor's reports along with financial statements and management analysis. The statistics present all this information in the form of numerical data. Thus...
4 Pages(1000 words)Essay

Financial statements and accounting

... of information about employees in the Directors’ report of UK published financial statements: substantive or symbolic? Accounting Forum, 28(1): 43-59. Fearnley, S. and V. Beattie (2004). The Reform of the UKs Auditor Independence Framework after the Enron Collapse: An Example of Evidence‐based Policy Making. International Journal of Auditing, 8(2): 117-138. Francis, J. R. (2004). What do we know about audit quality? The British accounting review, 36(4): 345-368. Francis, J. R. (2011). A framework for understanding and researching audit quality. Auditing: A journal of practice & theory, 30(2): 125-152. Hung, M. (2000). Accounting standards and value relevance of financial statements: An international analysis. Journal of accounting...
6 Pages(1500 words)Essay


...Insert Executive summary: Approve a new loan for CCL (Clark Carriers Ltd) Introduction: GE capital has a client CCL who requires a loan. The document elaborates an analysis of the approval terms, the recommendation and disapproval criteria. The loan short-term, medium-term and long term goals in the perspective of CCL and GE have been documented. The control approach initiated by GE capital and repayment plan is illustrated. The main aim of the loan according to CCL is to increase the number of trucks. Loan recommendation: Basing on current payments and future estimated profits by CCL, the loan request approval is recommendable. Since CCL is an existing client for GE Capital, it should approve the loan at a lower interest rate of 4...
2 Pages(500 words)Case Study


... because ‘A’ is the first letter in the alphabetical chart. Illumination requires lots of imagination to determine how best the ideas can co-relate without conflicting with social norms. Illumination is like the light to the solution and the real idea behind the concept. Evaluation is looking at the possible solutions to the idea, identifying the possible risks associated with each solution and the ease of execution as well as conformance to the objectives. Implementation is the execution of the idea by creating the advert and making it accessible to the intended markets. d. Practical and tactical considerations To chose a media platform on which the advert campaign will be run onto and the budgetary considerations, it is important...
5 Pages(1250 words)Research Paper

Executive Summary Accounting Document

...Executive Summary Paper Executive Summary Paper AT&T is offering high-quality, innovative and reliable products and services and first-rate services to its customers. AT&T strength is to offer innovative solutions for customers and business by developing innovative products in the field of entertainment and communication industry in U.S.A and other parts of the globe. AT&T is the leading holding company in the communication industry in the globe by revenue wise. AT&T has many laurels to its feat sheet. It provides one of the globe’s most powerful and superior worldwide backbone networks and it is the U.S.A’s best ever 3G network offering services to more than 79 millions clients. Further, it revolutionalized the U.S communication industry...
8 Pages(2000 words)Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary for FREE!

Contact Us