Describe financial accounting disclosures required for nonprofit organizations and how these...

Question

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.

Document Preview:

ACCT450-1203B-01 Business and Professional Ethics for AccountantsAssignment Name:Unit 1 Individual ProjectDeliverable Length:2–5 pagesDetails: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. The following grading criteria will apply to this assignment: Grading Criteria30%Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.30%Explain disclosure...

005_z38t85k-n3urtxoz.docx

Robert · Accepted Answer

DISCLOSURES OF REPORTS AND ACCOUNTS OF NON-PROFIT ORGANIZATION

The assignment gives the details of 
disclosing of reports and accounts of a non-
profit organization.  
DISCLOSURES 
OF REPORTS 
AND ACCOUNTS 
OF NON-PROFIT 
ORGANIZATION 
[Type the document subtitle] 
anitya 
1 | P a g e  
 
The Non-Profit Organization should always disclose their accounting and also the final report of 
the company. It is the duty of the directors of the organization to disclose every bit of it to the 
members of the organization. Being a member, it is their right to know all the details of the 
organization and also regarding all the assets and the liabilities of the organization. The report 
should always be given to the government or the taxing authorities because of the fact that the 
organization may get some exemptions regarding the tax which is to be paid by every business. 
The group of people in the area of business should also be keen of the donations made by 
different people to the organizations. Therefore, the organizations should disclose about the fee 
collected, donations received, different income and payments transactions, etc. “The IRS 
combats such tax evasion by requiring U.S. Taxpayers to annually file a Form TD 90.22-1, 
Report of Foreign Bank and Financial Accounts (“FBAR”).” 
(http://www.forbes.com/sites/stephendunn/2011/02/20/irs-latest-offshore-accounts-voluntary-
disclosure-program-not-right-for-some-taxpayers/) 
               The information can be very much useful to the users in the sense that, it can provide 
certain benefits to them. Especially the government can allow the tax exemptions when they 
come to know about the activities of the organization. There are various tax advantages which 
are given to the organizations. It also provides centralized report for seeking of all the necessary 
documents of the organizations. The publication of the IRS of the organization can be done 
online as well where the government provides the members and the authorities of the 
organization with certain rate of tax benefits. And with the help of this all the people of a society 
will be able to access the IRS of the organization.

Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users. Explain disclosure requirements for nonprofit...

Answer To: Describe financial accounting disclosures required for nonprofit organizations and how these...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment