For your next orientation meeting with your new hire, and to be helpful when other new accountants are hired, prepare slides with notes that include:
Describe and explain at least 3 differences in for-profit entities and governmental agencies that cause them to have different required accounting procedures; include an example of each.
At least 1 slide should explain which regulating authority oversees the accounting rules for governmental vs. for-profit entities. Include an example and brief explanation of the most recent new guideline established by the agency overseeing government accounting.
At least 1 slide should explain at least 2 differences between governmental entities and nonprofit, nongovernmental agencies, including an example of each difference.