Government and non-profit accounting

By
Responsive Centered Red Button

Need Help with this Question or something similar to this? We got you! Just fill out the order form (follow the link below), and your paper will be assigned to an expert to help you ASAP.

Order Form

QUESTION
Part 1.
Charter schools are unique not-for-profit government funded schools that are open to the public. Although charter schools are funded in a similar method to public schools, they are not subjected to some of the regulations and rules that apply to public schools. Instead, charter schools are held accountable through a performance contract that requires the schools to produce positive academic results and to adhere to the charter contract.
Consider the following:
A group of parents in your town is forming a charter school and you are responsible for choosing the accounting system. Visit the U.S. Charter Schools website (http://www.charterschoolcenter.org) to learn more about charter schools and required accounting procedures. Then, respond to the following:
1.What Internet resources are available that could help you establish an appropriate accounting system? Would a charter school have a different accounting system than a traditional private school or a public school?
2. Describe the hierarchy of general accepted accounting practices (GAAP) for state and local governments, the federal government, and nongovernmental not-for-profit organizations. Discuss the roles of the General Accounting Standards Board (GASB), the Financial Accounting Standards Board (FASB), and the American Institute of Certified Public Accountants (AICPA) in standards setting for government and non-profit organizations.
3.What do you think would be the most difficult part of establishing such an accounting system? What steps would you take in doing so?
Part 2
GASB vs IFRS
While globalization has pushed the boundaries on communication and technology, it has steadily increased the ease of and access to international trade. As international business continues to increase, it is more critical now than ever for government accountants to understand the various cultural and ethical factors encountered during cross-cultural exchanges as well as recognize the accounting standards associated with international business.
After reviewing the Resources for this week, respond to the following:
1. Explain how the Governmental Accounting Standards Board (GASB) “Summaries of Statement No. 34: Basic Financial Statements – and Management’s Discussion and Analysis for State and Local Governments (GASB 34)” (http://www.gasb.org/st/summary/gstsm34.html )and “Summaries of Statement No. 37: Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments: Omnibus – An Amendment of GASB Statements No. 21 and No. 34 (GASB 37)” reporting model meets financial report users’ needs for operational accountability information about government activities. (http://www.gasb.org/st/summary/gstsm37.html )
2.Evaluate transparency disclosures and their impact on ethics. What measures are in place to make sure that there actually is transparency? What are the ramifications of unethical reporting?
3.How will the convergence with International Financial Reporting Standards (IFRS) impact government accounting?

Sample Solutions
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Phasellus hendrerit. Pellentesque aliquet nibh nec urna. In nisi neque, aliquet vel, dapibus id, mattis vel, nisi. Sed pretium, ligula sollicitudin laoreet viverra, tortor libero sodales leo, eget blandit nunc tortor eu nibh. Nullam mollis. Ut justo. Suspendisse potenti.

Get sample solution
Order Now

Sed egestas, ante et vulputate volutpat, eros pede semper est, vitae luctus metus libero eu augue. Morbi purus libero, faucibus adipiscing, commodo quis, gravida id, est. Sed lectus. Praesent elementum hendrerit tortor. Sed semper lorem at felis. Vestibulum volutpat, lacus a ultrices sagittis, mi neque euismod dui, eu pulvinar nunc sapien ornare nisl. Phasellus pede arcu, dapibus eu, fermentum et, dapibus sed, urna.

Morbi interdum mollis sapien. Sed ac risus. Phasellus lacinia, magna a ullamcorper laoreet, lectus arcu pulvinar risus, vitae facilisis libero dolor a purus. Sed vel lacus. Mauris nibh felis, adipiscing varius, adipiscing in, lacinia vel, tellus. Suspendisse ac urna. Etiam pellentesque mauris ut lectus. Nunc tellus ante, mattis eget, gravida vitae, ultricies ac, leo. Integer leo pede, ornare a, lacinia eu, vulputate vel, nisl.
Suspendisse mauris. Fusce accumsan mollis eros. Pellentesque a diam sit amet mi ullamcorper vehicula. Integer adipiscing risus a sem. Nullam quis massa sit amet nibh viverra malesuada. Nunc sem lacus, accumsan quis, faucibus non, congue vel, arcu. Ut scelerisque hendrerit tellus. Integer sagittis. Vivamus a mauris eget arcu gravida tristique. Nunc iaculis mi in ante. Vivamus imperdiet nibh feugiat est.
Ut convallis, sem sit amet interdum consectetuer, odio augue aliquam leo, nec dapibus tortor nibh sed augue. Integer eu magna sit amet metus fermentum posuere. Morbi sit amet nulla sed dolor elementum imperdiet. Quisque fermentum. Cum sociis natoque penatibus et magnis xdis parturient montes, nascetur ridiculus mus. Pellentesque adipiscing eros ut libero. Ut condimentum mi vel tellus. Suspendisse laoreet. Fusce ut est sed dolor gravida convallis. Morbi vitae ante. Vivamus ultrices luctus nunc. Suspendisse et dolor. Etiam dignissim. Proin malesuada adipiscing lacus. Donec metus. Curabitur gravida

How to create Testimonial Carousel using Bootstrap5

Clients' Reviews about Our Services