Assignment:
Research Case- Comparing Financial Reporting Objectives GASB
1. Compare the financial reporting needs of the resource providers of government/not-for-profit organizations to the financial reporting needs of the resource providers of for-profit organizations.
2.What other differences are there between the audiences and their needs for financial reports?
3.Explain the nature of the three major activity categories of a state or local government: governmental activities, business-type activities, and fiduciary activities.
4.Why would we require stricter reporting in government?
5. Why would they limit the audience in this way? Why would the audience not care about profit, loss, or cash flows in government?
If a state has a large prison population, what does this mean for attracting business? Is there a line?
6. What are the three main objectives to financial reporting?
7. What is the Role of Nonprofit vs Government vs for Profit?
8. Explain the distinction(s) between agency funds and trust funds. What financial statements are prepared for each?
9. Identify the different types of trust funds and explain the purpose of each type.
10. Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?