Sample content Executive Summary ACC460 Executive Summary Report number 117 and 116 contains prerequisites for not-for-profit companies. Report number 116 concentrates on accounting for donations received and made. Report number 117 concentrates on the requirements which apply for external fiscal report. Both reports are prerequisites established by the Financial Accounting Standard Board. Report number 116 has prerequisites as well as exclusions for conditional and unconditional pledges. Both sorts of pledges need income recognition at fair price at the time received and expenditures at the tim