Describe financial accounting disclosures

Assignment Help Humanities
Reference no: EM13193773

The FASB's Conceptual Framework and Statements of Financial Accounting Standards (SFASs) require full disclosures to be made in a business enterprise's financial statements. These disclosures requirements are applicable to corporations and nonprofit organizations. The purpose of these disclosures is to provide reliable and relevant information to the users of the financial statements. In addition to disclosures required by the FASB, nonprofits must also be in compliance with regulations enacted by Congress as well as local laws.

You currently work for a nonprofit organization as a staff accountant. The controller has requested that you conduct research on disclosure requirements for nonprofit organizations to ascertain if the organization is in compliance with established FASB requirements and any other regulations applicable to nonprofits, such as IRS regulations.

Prepare a written report of 2-5 pages that includes the following:

Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.

Explain disclosure requirements for nonprofit organizations, such as the tax-exempt determination letters required by Congress and the IRS.

Discuss the reasons for these disclosure requirements and the sentiments of the public and government about deviations and scandals in this sector because of lack of disclosures.

Include a minimum of 3 properly researched and cited facts using APA format as they apply to the disclosure requirements for nonprofit organizations.

Reference no: EM13193773

Questions Cloud

What is the area of the largest possible norman window : Norman window has the shape of a semicircle atop a rectangle so that the diameter of the semicircle is equal to the width of the rectangle. What is the area of the largest possible Norman window with a perimeter of 39 feet?
The enslaved people of southerners and northerners : Harriet tubman have felt like a different person after she crossed the border to a free state describe enslaved people were veiwed or treated by southerners and northerners.
State what is the reducing and oxidizing agents : a) What is the reducing and oxidizing agents? b) What are the reducing and oxidation products?
What is the sample mean : What is the sample mean?
Describe financial accounting disclosures : Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users and explain disclosure requirements for nonprofit organizations, such as the tax-exempt determination let..
Compute the pkb for ephedrine : solution of ephedrine was determined with a pH meter andwas found to be 10.70. Calculate the pKb for ephedrine.
Find out how long the rocket will take to hit : A rocket is launched from atop a 115-foot cliff with an initial velocity of 133 ft/s.
What do you mean by correlation coefficient : What do you mean by correlation coefficient? Collect the data of CA marks and ETE marks of MTH141 from all students, and find correlation coefficient for these CA marks and ETE marks. LND LE LE.
State what is the numerical value of the rate constant : What is the numerical value of the rate constant and what are the units? and Calculate the rate of this reaction when the initial concentrations of OCl- and I- are 7.6 x10-3 M and 9.6 x 10-3M respectively.

Reviews

Write a Review

 

Humanities Questions & Answers

  The ancient world in cinema

The Ancient World in Cinema - Choose any two movies about Romantic antiquity and compare one or two passages from the movies.

  Compare and contrast his engagement with practices

Compare and contrast his engagement with practices in the early and later parts of the film, making reference to MacIntyre's distinction between internal and external goods and how those are related to the virtues.

  Design a classroom

Design a classroom learning environment for a specific age group. Present it as a digital representation (bird's eye view) with a suitable key. In 200-250 words explain the physical organisation in terms of minimising disruptive behaviour and maximis..

  Project plan written report

Sufficient information to enable the organisation's Board of Executives to understand the rationale for the program and the activities required to design, implement and evaluate the program including any additional data that would need to be colle..

  How do a nurses fundamental duties

How do a nurse's fundamental duties, as described by the Hippocratic Oath and Nightingale Pledge, influence a nurse's practice and decision making?

  Funding from international lending institutions

Explore whether or not funding from international lending institutions like the World Bank and the IMF are helping or hindering the social, economic, or political development of the country that you have selected. Support your response with exampl..

  Why the issue is relevant to your community

Identify a social issue and identify news articles that present at least two different points-of-view on the issue

  Knowledge entails reflective possession

Induction of general propositions from incomplete observation - the cornerstone of scientific discovery - is a trustworthy form of inference.

  Comparing the interpretations of jj saunders

I would perhaps suggest comparing the interpretations of JJ Saunders (The History of the Mongrel Conquests, 1971) with the interpretations of Leo De Hartog (in either the book you've identified or Russia and the Mongol Yoke, 1996) with regards to the..

  Why our society seems to be embracing the green movement

Discuss how the burdens of pollution, waste, disposal, and resource extraction come to be unequally distributed among racial and ethnic groups, and classses in our country.

  Lonne, parton, thomson

Lonne, Parton, Thomson & Harries (2009), suggest that systems are failing children and young people even though such systems consider that protection of and enhancing children and young people's wellbeing is their intent.

  Extravagant and exotic childhood experiences

Do you think it was his “extravagant and exotic childhood experiences” that led Buddha to question, or was it the Four Sights? Or, did the Four Sights so contradict the lifestyle that he was living that he began to question life?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd