Description
1. What is the financial reporting requirements or standards used by NFPOs?
2. Describe the fund accounting used in NFPOs.
3. What is the implication of using fund accounting in NFPOs.
i would like each question to be answered with 100 words, please.
NFPO: not for profit organizations.
Explanation & Answer
Attached.
Running head: NONPROFIT ORGANIZATIONS
Nonprofit Organizations
Student Name
Institution Affiliation
1
NONPROFIT ORGANIZATIONS
1. What is the financial reporting requirements or standards used by NFPOs?
Financial reporting requirements used by NFPOs are in line with the requirements of
reporting in the base country. They are produced under international financial reporting
standards (IFRS). In the United States, NFPOs prepare their financial reports through the
guidance of the financial accounting standard board(FASB). The standards of reporting are
contained FIN43 and FAS117. These are the fo...
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