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Assignment Type:Individual Project				Deliverable Length:2–5 pages								Points Possible:				100				Due Date:2/17/2013 11:59:59 PM CT				APA Formatted References									Library Research Assignment								The FASB’s Conceptual Framework and Statements of Financial Accounting  Standards (SFASs) require full disclosures to be made in a business enterprise’s  financial statements. These disclosures requirements are applicable to  corporations and nonprofit organizations. The purpose of these disclosures is to  provide reliable and relevant information to the users of the financial  statements. In addition to disclosures required by the FASB, nonprofits must  also be in compliance with regulations enacted by Congress as well as local  laws.				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.				Prepare a written report of 2–5 pages that includes the following:									Describe financial accounting disclosures required for nonprofit  organizations and how these disclosures provide useful information to  users.					Explain disclosure requirements for nonprofit organizations, such as the  tax-exempt determination letters required by Congress and the IRS.					Discuss the reasons for these disclosure requirements and the sentiments of  the public and government about deviations and scandals in this sector because  of lack of disclosures.					Include a minimum of 3 properly researched and cited facts using APA format  as they apply to the disclosure requirements for nonprofit organizations.

David · Accepted Answer

Disclosure requirements for NPO’s at Glance                                                                                                    1
Disclosure requirement for NPO’s at Glance
Disclosure requirements for NPO’s at Glance                                                                                                    2 
Introduction 
Non-profit organizations are formed for serving public and charitable purpose. Aim of 
non-profit organizations is not to earn profits its aim is to serve the public. In order to serve 
public the Non-profit organizations need funds, there are various sources from where Non-profit 
organizations get there funds such as donations, voluntary contributions, government Grants, 
money earned by its various activities. All the funds accumulated by the Non-profit 
organizations are used in its own expenses, programs and operations. No part of the revenue 
collected is distributed to the trustees or owners in any form. 
Non-profit organizations aim is not to earn profits but they are not restrained from 
earning the profits, this means they can earn profits but the earnings has to be utilized for the 
purpose of serving the public and should not be distributed to anyone. There are many reasons 
which justify non-profit organizations act of earning profits such as, surplus arising from 
subscriptions, membership fees, donations, various activities performed etc. Non-profit 
organizations act of earning profits is justified in those cases where all the earnings are 
accumulated and used for the purpose of serving people. 
Significant Accounting policies & disclosures and their impact on better 
presentation 
Since Non for profit organizations enjoys various tax benefits and favors from the 
government there is need of strict compliances and accounting. Non for profit organizations 
work for the welfare of society therefore government grants funds and offers various benefits to 
them, as the funds and benefits are offered to these NPO from government it means that the 
money of public is involved. As the money of public is involved here so the accountability 
increase to various folds,

Assignment Type: Individual Project Deliverable Length: 2–5 pages Points Possible: 100 Due Date: 2/17/2013 11:59:59 PM CT APA Formatted References Library Research Assignment The FASB’s Conceptual...

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