Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities
Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities
After studying this chapter, you should be able to:
Identify and explain the characteristics that distinguish governmental and not–for–profit entities from for–profit entities.
Identify the authoritative bodies responsible for setting financial reporting standards for (1) state and local governments, (2) the federal government, and (3) not–for–profit organizations.
Contrast and compare the objectives of financial reporting for (1) state and local governments, (2) the federal government, and (3) not–for–profit organizations.
Explain the minimum requirements for general purpose external financial reporting for state and local governments and how they relate to comprehensive annual financial reports.
Explain the different objectives, measurement focus, and basis of accounting of the government–wide financial statements and fund financial statements of state and local governments.
