Abstract: This chapter divides into separate sections that address issues often considered by not-for-profit organizations in presenting financial statements in accordance with generally accepted accounting principles. Financial statement presentations are enhanced if they present financial statements for at least two years. Financial statement readers, including donors, boards of directors, audit committees, and creditors, etc., have come to expect to see comparative information in financial statements. Not-for-profit organizations are often torn between presenting information in financial statements about funds and meeting the requirements of generally accepted accounting principles relating to net asset presentation. Generally, disclosure requirements for interim financial statements are the same as those for annual financial statements; however, the use of the interim financial statements needs to be considered. If the interim financial statements are being represented as being presented in accordance with GAAP, financial statement disclosure requirements would apply.
Publication Year: 2016
Publication Date: 2016-04-18
Language: en
Type: other
Indexed In: ['crossref']
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot