SFAS 116 and 117 Executive Summary

SFAS 116 and 117 Executive Summary - SFAS Summary 1. 2. 3....

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SFAS Summary 1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. SFAS 116 and 117 Executive Summary Samantha Bradley ACC 460 March 07, 2011 15. Linda G. Gandy 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33.
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SFAS Summary 2 SFAS 116 is the cause of accounting for contributions received and contributions made. This particular statement demands that non for profit organizations differentiate between the contributions received that enhance permanently restricted, temporarily restricted, and unrestricted net assets. This statement also requires that recognition of the expiration of donor imposed restrictions is in the period in which the restrictions are met or expire. This Statement requires certain disclosures for collection items not capitalized and for receipts of contributed services and promises to give. This Statement is part of a broader FASB agenda project that considers several inconsistencies in that guidance. A contribution is an unconditional transfer of cash or other assets to an entity or a settlement
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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SFAS 116 and 117 Executive Summary - SFAS Summary 1. 2. 3....

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