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Executive Summary ACC 460Date InstructorExecutive SummaryStatement number 117 and 116 contains requirements for not-for-profit organizations. Statement number 116 focuses on accounting for contributions received and made. Statement number 117 focuses on the standards that apply for external financial statement. Both statements are requirements set by the Financial Accounting Standard Board.Statement number 116 contains requirements and exceptions for conditional and unconditional promises. Both types of promises require revenue recognition at fair value at the time received and expenses at the time made. Contribution distinction of when donor-imposed restriction expires and whether net assets are restricted, temporarily restricted, or nonrestricted is part of the recording requirements.Summary 116 allows an exception to nonfinancial assets. Contributions of art, historical t

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