FAS 117 : Financial Statements of Not-for-Profit Organizations. FAS 117 Summary. This Statement establishes standards for general-purpose external financial statements provided by a not-for-profit organization.
What is SFAS?
What Is a Statement of Financial Accounting Standards (SFAS)? Statements of Financial Accounting Standards (SFAS), published by the Financial Accounting Standards Board (FASB), provided guidance on a specific accounting topic, until 2009.
What are the SFAS rules?
Definition: A statement of financial accounting standards, also called SFAS, is a publication promulgated by FASB that establishes the generally accepted accounting standards in the US . In other words, this is a formal document issued by the FASB in an effort to provide guidance on a specific accounting topic.
What is SFAS 117?
Statement of Financial Accounting Standards (SFAS) No. 117 was issued to establish consistency in financial reporting among not-for-profit organizations, which are subject to various American Institute of Certified Public Accountants (AICPA) audit guides.
What is SFAS 12?
Accounting for Certain Marketable Securities (Issued 12/75)
Summary. This Statement requires most businesses to carry marketable equities at lower of portfolio cost or market value. A company has two portfolio classifications for this purpose, current and noncurrent.
What means GAAP?
Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. ... The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.
Which GAAP principle is applicable?
Principle of Regularity : GAAP-compliant accountants strictly adhere to established rules and regulations. Principle of Consistency: Consistent standards are applied throughout the financial reporting process. Principle of Sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
Does the FASB still exist?
The FASB is recognized by the U.S. Securities and Exchange Commission as the designated accounting standard setter for public companies. ... The Financial Accounting Foundation (FAF) supports and oversees the FASB.
What is a FAS 116 adjustment?
FAS 116 Summary
Contributions made, including unconditional promises to give, are recognized as expenses in the period made at their fair values. Conditional promises to give, whether received or made, are recognized when they become unconditional, that is, when the conditions are substantially met.
Where is special forces selection held?
The Special Forces Assessment and Selection (SFAS) course is one of the most grueling selection processes in the Army. The multiweek course is run by the U.S. Army John F. Kennedy Special Warfare Center and School at Fort Bragg/Camp Mackall, NC.
What are the 4 principles of GAAP?
The four basic constraints associated with GAAP include objectivity, materiality, consistency and prudence .
Do nonprofits use GAAP?
Does GAAP apply to non-profit organizations? Yes , the Accounting Standards Codification typically applies to both for-profit and non-profit organizations.
What is a functional expense?
Functional expense categories include program expenses and supporting services such as management and general, fundraising, and membership development. ... They can include personnel costs, professional fees, promotional materials and related indirect costs such as office expenses and rent.
What is FAS 5 now called?
5: Accounting for Contingencies (FAS 5), the original FASB pronouncement, superseded by the substantively same FASB Accounting Standards Codification (ASC) subtopic 450 -20, Contingencies: Loss Contingencies, is a principal source of guidance on accounting for impairment in a loan portfolio under GAAP.
How many GAAP standards are there?
What are the GAAP? The Generally Applied Accounting Principles are a set of ten standards , meant to maintain a certain consistency across companies’ financial statements.
What FAS 13?
FAS 13 means Statement of Financial Accounting Standards (SFAS) No. ... FAS 13 means Statement Number 13 issued by the Financial Accounting Standards Board as same may be amended or interpreted from time to time.
