Non-for-Profit Financial Reporting Review, accounting homework help

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avrx

Business Finance

Description

Select one (1) not-for-profit organization in an area of interest to you and review the financial statements and audit report for the organization. The financial statements and audit report of the not-for-profit organization should be readily and publicly available on an active Website.


Write a three to five (3-5) page paper in which you:

  1. Analyze the selected not-for-profit’s financial statements to determine if the statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations (FASB ASC 958-205-45). Explain the selected organization’s use of the three (3) fund categories. Recommend at least two (2) areas of potential interest to the stakeholder concerning the status of revenue and expenses.
  2. Analyze the organization’s statement of cash flows. Explain the format that the organization utilizes, including any unique areas of emphasis that differ from-GAAP accounting format.
  3. Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions. Discuss the funds that are utilized.
  4. Assess the fiscal condition of the selected organization utilizing and interpreting financial indicators, using financial ratios that are widely accepted as being indicative of fiscal health. This assessment should also be expanded to include fund-raising analysis, program review, contributions, and grant analysis and revenue analysis.

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Explanation & Answer

Attached.

Running head: NON-FOR-PROFIT FINANCIAL REPORTING REVIEW

NON-FOR-PROFIT FINANCIAL REPORTING REVIEW
Student’s Name

Course Title

Professor

Date

1

NON-FOR-PROFIT FINANCIAL REPORTING REVIEW

2

Financial statement analysis to determine conformity to FASB guidance

FASB guidance in statement number 117 requires that the financial statements of nonprofit organizations should have statement of monetary situation (balance sheet), cash flows
statement in addition to statement of events. World vision Canada fiscal statements have all the
three statements thus proving conformity to FASB guidelines. The statement also requires
reporting amounts of the organization statements to be stated. World Vision Canada financial
report shows changes in net activities in its statement of revenue and expenditure, changes in
cash and cash equivalents and the organization's total assets, total liabilities, and net capital in its
statement of monetary position.

Stakeholders take keen interest on knowing investment programs taken by the
organization to support the key activitie...


Anonymous
Awesome! Perfect study aid.

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