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

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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…
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Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary
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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)
References
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
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