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For profit and governmental financial reporting

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What are the differences and similarities in financial reporting in a for-profit and government organization? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Why or why not?

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What are the differences and similarities in financial reporting in a for-profit and government organization? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Why or why not?

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What are the differences and similarities in financial reporting in a for-profit and government organization?

For profit and government organizations both adhere to accounting regulations and are held accountable under applicable auditing standards. The main difference within the financial statements is that they are prepared for different user groups, so the focus of the statements are different. Each of the two groups is held accountable to different users. The for-profit company compiles their financial statements and all applicable disclosures for the benefit of their investors. By creating a transparent financial statement, the investors are able to accurately determine the exact financial health and well being of the company. We see the same with government ...

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