Under FAS 117, private nonprofit organizations must present financial statements that focus on the nonprofit organization as a whole.

Question

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FAS 117, now known as ASC 958 due to the codification of FASB standards, requires that private nonprofit organizations present financial statements that focus on the organization as a whole, rather than on the fund or program level. This includes a statement of financial position, a statement of activities, and a statement of cash flows.

Under FAS 117, Private Nonprofit Organizations Must Present Financial Statements