SFAS No. 117 brings uniformity to financial statement formats.

Statement of Financial Accounting Standards (SFAS) No. 117 was issued to establish consistency in financial reporting among not-for-profit organizations, which are subject to various American Institute of Certified Public Accountants (AICPA) audit guides. In addition, SFAS No. 117 was designed to close the gap between the statements of not-for-profit and for-profit organizations. The provisions of SFAS No. 117 are intended to override AICPA audit guides and statements of position when the two conflict.