Under FAS 117, the statement of financial position must show total amounts for each classification of net assets.

Question

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FAS 117, now known as ASC 958 due to the codification of accounting standards, requires that the statement of financial position for not-for-profit organizations show total amounts for each classification of net assets (without donor restrictions and with donor restrictions) to ensure clarity and transparency in reporting.

Under FAS 117, the Statement of Financial Position Must Show