After the issuing of Statement 117,not-for-profit financial statements are relatively standardized across industries.

Question

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Statement 117 issued by the Financial Accounting Standards Board (FASB) established accounting standards for not-for-profit organizations. This standardized the financial statements across industries, making it easier for stakeholders to compare them. Therefore, the given statement is true.

After the Issuing of Statement 117,not-For-Profit Financial Statements Are Relatively