Not-for-profit (NFP) organizations differ from classic business enterprises in a variety of ways. Hence, their business operations often require specialized accounting needs to accommodate the differences.
a) Find characteristics that distinguish NFP from business enterprises.
b) Specially identify, from most important to least important, five accounting issues relevant to NFP financial reporting and describe your rationale by reference to existing reporting requirements.
c) For the top 3 items identified in b), find the specific GAAP reference providing accounting support and summarize the guidance provided.