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    Is it really possible to have one set of standards for all organizations?

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    Please find my response below.

    It is not possible to have one set of standard for all types of organizations. Over recent years, there has been significant growth in the government and not-for-profit sector which now consists of more than 87,000 local government agencies and more than one million not-for-profit entities. Consequently any comprehensive accounting program should include a study of government and not-for-profit accounting.

    Governments and not-for-profits differ significantly from businesses in ways which have profound implications for financial reporting. To begin with, the primary goal of governments and not-for-profits is to provide some service to constituents and not to earn a ...

    Solution Summary

    The solution determines if it is possible to have one set of standards for all organizations.