Reporting Memo

Memorandum From:John Smith, CPA To:Jessica Miller, Senior Partner conquer: report Requirements Date: zero(prenominal)ember 28, 2011 As you know, our besotted is currently bid on deuce projects: the eldest is engagement and examination progress to for a sm louse up ensemble county hospital. The act is motion for a underground not-for-profit treat home. This memoranda is compose to offer you with the information related to the overmatch matter and facilitate our firm in moving send with the bidding process. The memo starts with a review of reporting requirements for private field, not-for-profit c atomic number 18 for homes to a debase place Financial description Standards Board (FASB) focusing and thus turns to a discussion of similarities and differences in accountancy and reporting practices among the two prospective clients. Reporting Requirements The FASB has primary standards - setting potency for all private not-for-profit health care organizations, including the private sector, not-for-profit nursing homes. As Copley and Engstrom (2011) noted, several standards are issued specifically for not-for-profits, most notably, SFAS no(prenominal) 116, Accounting for Contributions Received and Contributions Made, SFAS No. 117, Financial Statements of Not-for-Profit Organizations, and SFAS No.

124, Accounting for authorized Investments Held by Not-for-Profit Organizations. The American prove of Certified Public Accountants (AICPAs) examine and accounting guide, Health shell out Organizations, incorporates the requirements of these descriptions and provides some additional guidance on compliance. Both the FASB and AICPA pronouncements settle superiority of the accrual method acting of accounting. The fiscal financial statements of private sector not-for-profit nursing homes should include the future(a): statement of financial opinion (or balance wheel pall), statement of activities (or operations), statement of exchange flows, and statement of changes in net assets. Net assets of the balance sheet are needful to be...If you want to get a replete essay, order it on our website: Orderessay

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