Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 18, Problem 1Q
To determine
Describe which of the organization is responsible for issuing reporting standards for private not-for-profit colleges and universities.
Expert Solution & Answer
Answer to Problem 1Q
For private not-for-profit universities and colleges financial accounting standards board (FASB) has the authority for issuing reporting standards.
Explanation of Solution
GASB standard is followed by public colleges and universities. Reporting model same as local and state government is directed to use by public colleges and universities. On other side not for profit private universities and colleges follow FASB accounting standard codification. For not-for-profit private universities and colleges FASB has the authority for issuing reporting standards. Here FASB is abbreviation of “Financial Accounting Standards Board”.
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- Discuss how characteristics of not-for-profit organizations differ from for-profit organizations.arrow_forwardWhich of the following rule-making authorities would establish accounting standards for New York University? The AICPA The FASB The FASAB The GASBarrow_forwardHow to prepare financial statements for a government agency and non-profit organization?arrow_forward
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