FAS 116 deals with the benchmark standards and disclosure and reporting requirements for contributions received and contributions made and financial accounting. This Statement provides standards for acknowledging the dead lines of restrictions on contributions received and for accounting for art work collection, historical treasures, and similar assets maintained by the organizations. the accounting and financial statement disclosure to account for the given sum as unrestricted donations in the statement of activities.

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Chapter 19, Problem 19.2C

(a)

To determine

Introduction: FAS 116 deals with the benchmark standards and disclosure and reporting requirements for contributions received and contributions made and financial accounting. This Statement provides standards for acknowledging the dead lines of restrictions on contributions received and for accounting for art work collection, historical treasures, and similar assets maintained by the organizations.

the accounting and financial statement disclosure to account for the given sum as unrestricted donations in the statement of activities.

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