Problem -
You currently work for a nonprofit organization as a staff accountant. The controller has requested that you conduct research on disclosure requirements for nonprofit organizations to ascertain if the organization is in compliance with established FASB requirements and any other regulations applicable to nonprofits, such as IRS regulations.
What could you report for the following:
Describing financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.
What are the disclosure requirements for nonprofit organizations, such as the tax-exempt determination letters required by Congress and the IRS.
What are the discussed reasons for these disclosure requirements and the views of the public and government about deviations and scandals in this sector because of lack of disclosures.