Explain disclosure requirements for nonprofit

Question

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.

Answer 1

Please in a word paper using the Times new Roman format, answer the following questions by reading and reviewing the situation problem illustrated in the assignment. Prepare a written report in around 2 to 5 pages which comprises the following: Q1. Illustrate financial accounting disclosures needed for non-profit organizations and how such disclosures give helpful information to users. Q2. Describe disclosure requirements for non-profit organizations, like the tax-exempt determination letters needed by the Congress and the IRS. Q3. Illustrate the reasons for such disclosure requirements and the sentiments of the public and government regarding deviations and scandals in this sector due to lack of disclosures. Q4. Comprise a minimum of 3 properly researched and cited facts by employing the APA format as they apply to the disclosure requirements for non-profit organizations.