Statement I. Under the Accounting Standard Update No. 2016-14, Non-profit organizations are required to disclose board-designated net assets either on the face of the financial statements or in the notes to the financial statements. Statement II. The Statement of Financial Accounting Standards No. 117 combines temporarily restricted and permanently restricted net assets into "net assets with donor restrictions" and renames unrestricted net assets as "net assets without donor restrictions." Both statements are true Both statements are false Statement I is false. Statement II is true Statement I is true, Statement II is false