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Lecture Accounting for Governmental & nonprofit entities (16/e): Chapter 1 - Jacqueline, Suzanne, Earl

Chapter 1 - Introduction to accounting and financial reporting for governmental and not-for-profit entities. After studying Chapter 1, you should be able to: Identify and explain the characteristics that distinguish governmental and not-for-profit entities from for-profit entities; identify the authoritative bodies responsible for setting GAAP and financial reporting standards for all governmental and not-for-profit organizations;. | 1- JACQUELINE L. RECK SUZANNE L. LOWENSOHN EARL R. WILSON Accounting for Governmental & Nonprofit Entities 16/e McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities Learning Objectives After studying Chapter 1, you should be able to: Identify and explain the characteristics that distinguish governmental and not-for-profit entities from for-profit entities Identify the authoritative bodies responsible for setting GAAP and financial reporting standards for all governmental and not-for-profit organizations Contrast and compare the objectives of financial reporting for state and local governments, the federal government, and not-for-profit organizations 1 Learning Objectives (Cont’d) Explain the minimum requirements for general purpose external financial reporting of state and local governments and how they relate to comprehensive annual financial reports Explain and identify the required financial statements for state and local governments, the federal government, and not-for-profit organizations 2 Welcome to Accounting for Governmental and Not-for-Profit Organizations Welcome to the strange new world of accounting and financial reporting for governmental and not-for-profit (NFP) organizations Why are accounting practices for these organizations very different from those of business organizations? Different purposes in society Financed by resource providers who do not expect benefits proportional to the resources they provide Management has a special duty to be accountable for how resources are used in providing services What are Governmental Organizations? General purpose governments Provide a broad array of services Examples: Federal government, state governments, cities, towns, townships, villages, counties, boroughs, and parishes Special purpose governments Usually provide only a single or just a few | 1- JACQUELINE L. RECK SUZANNE L. LOWENSOHN EARL R. WILSON Accounting for Governmental & Nonprofit Entities 16/e McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Entities Learning Objectives After studying Chapter 1, you should be able to: Identify and explain the characteristics that distinguish governmental and not-for-profit entities from for-profit entities Identify the authoritative bodies responsible for setting GAAP and financial reporting standards for all governmental and not-for-profit organizations Contrast and compare the objectives of financial reporting for state and local governments, the federal government, and not-for-profit organizations 1 Learning Objectives (Cont’d) Explain the minimum requirements for general purpose external financial reporting of state and local governments and how they relate to .