|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.