Reporting Memo

Memorandum From:John Smith, CPA To:Jessica Miller, Senior Partner fount:Reporting Requirements Date: zero(prenominal)ember 28, 2011 As you know, our watertight is currently command on deuce projects: the eldest is engagement and examination reverse for a sm tout ensemble county hospital. The act is field for a private not-for-profit breast feeding home. This memoranda is compose to set up you with the information related to the subject matter and facilitate our firm in moving forward with the bidding process. The memo starts with a review of reporting requirements for private sector, not-for-profit nursing homes to a demoralize place Financial explanation Standards Board (FASB) guidance and and then 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 authority for all private not-for-profit h ealth 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. 116, report for Contributions Received and Contributions Made, SFAS No. 117, Financial Statements of Not-for-Profit Organizations, and SFAS No.

124, Accounting for Certain Investments Held by Not-for-Profit Organizations. The American Institute of Certified ordinary Accountants (AICPAs) audit and accounting guide, Health Care Organizations, incorporates the requirements of these descriptions and provide s some excess guidance on compliance. Both t! he FASB and AICPA pronouncements establish superiority of the accruement method of accounting. The fiscal contestations of private sector not-for-profit nursing homes should imply the following: statement of financial position (or balance pall), statement of activities (or operations), statement of exchange flows, and statement of changes in net assets. sack assets of the balance sheet are required to be...If you want to apprehend a replete essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay