Investigate using the GASB standards to find information that will help you answer the following question: Do you think that governmental and non-profit organizations should follow accounting standards different from those of for-profit organizations? Why or why not?
Note:Could you please don't use your handwriting to answer this question to be easy for me to solve. thanks.
ANSWER:
In my opinion the governmental and non-profit organizations must follow accounting standards that are different from profit organizations. A Not for Profit investments refers to a company or an organization that does not distribute its surplus funds to owners or shareholders, and utilizes it to help pursue its goals. The government regulates such types of investments differently through taxes and other laws thus these are treated differently. Majority non-profit organizations fall under entities that are exempt from a numerous taxes for many reasons, for profit companies pay federal and state income taxes, sales and use taxes, and property taxes, and are usually charged under several other mandates.
The majority of non-profit organizations are further categorized as either a private foundation or a public charity. This categorization is imperative because different tax rules apply to the function of each. Deducting donations for a private organization is more limited than donations to a public charity. Furthermore, these are eligible to a multitude of private and government grants. Also laws restrict which fields of work non-profit investments are allowed, however for profit organizations have no such restrictions apart from basic legal restrictions. Due to these reasons these are more scrutinized when compared to private companies
Under the FASB issued statement No. 117, a not-profit organization is required to issue 3 primary statements which consists the balance sheet, the statement of activities, and the statement of cash flows. A For-profit accounting will have one equity section, with capital and retained earnings; and on contrary a non-profit accounting need to separate this section into net assets and is required to report each category as unrestricted, temporarily restricted and permanently restricted net assets.
Investigate using the GASB standards to find information that will help you answer the following question:...
Investigate using the GASB standards to find information that will help you answer the following question: Do you think that governmental and non-profit organizations should follow accounting standards different from those of for-profit organizations? Why or why not?
Describe the similarities and differences between other non-profit organizations and government organizations based on the investigation of GASB standards. Give an example of the differences in regards to financial information, as well as the operations Note:Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks Could you please provide a new answer
What could happen if there is a conflict between the internal regulation of a country and the one it must adopt if it follows international accounting standards? Note:Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks
One of your clients is trying to diversify your investment portfolio and asks you to perform an analysis of the financial statements and various financial reasons of some foreign companies. Before advising your client to invest high amounts of money: (1) What are some of the potential problems you may encounter when analyzing financial statements of a foreign company? (2) Why should you be careful when comparing financial ratios of companies operating in different countries? Note:Could you please don't use...
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The Government Auditing Standards specifically outline the responsibilities of an auditor with respect to ethics and independence. What are the ethical principles and primary considerations with respect to independence, as identified in GAGAS? How do ethical principles relate to independence? Note: Could you please don't use your handwriting to answer this question to be easy for me to solve...Thanks.
I need help with this topic new GASB standard on lease accounting. Required 1. What was the purpose of this new standard and what types of organizations would be affected by it? What prompted GASB to address this issue (Note: Background information can be found in Appendix A)? 2. What factors did the Board consider significant when reaching the conclusions in this Statement (See Appendix B)? 3. How is the Statement 87 lease accounting different from the previous accounting treatment...
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