Accounting Standards for Government and Not-for-Profit Entities

Accounting Standards for Government and Not-for-Profit Entities

 “Accounting Standards for Government and Not-for-Profit Entities” Please respond to the following: Go to the GASB Website, located at http://www.gasb.org. Under the “About Us” tab, review “Mission, Vision, & Core Values”, “Facts about GASB”, and “Strategic Plan”. Review the material on the GASB listening process, The Comment Letter, The Public Hearing, and the section on Task Forces and Advisory Committees, located at http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176156714545. Go to the Financial Accounting Standards Board (FASB) Website section for Not-For-Profit Entities, located at http://www.fasb.org/jsp/FASB/Page/BridgePage&cid=1351027226246, and review the role of the FASB in setting standards for Not-for-Profits. Briefly analyze the role of GASB and evaluate how GASB standard setting benefits stakeholder groups. In your analysis and summary, consider the principal stakeholder groups that benefit from governmental standards and how they might engage in the GASB process. Briefly analyze the role of the FASB specific to not-for-profit organizations and evaluate how FASB standard setting benefits stakeholder groups. In your analysis and summary, consider the stakeholder groups that benefit from not-for-profit standards and how they might engage the FASB process.