Is it really possible to have one set of standards for all organizations?© BrainMass Inc. brainmass.com November 30, 2021, 2:00 am ad1c9bdddf
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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 ...
The solution determines if it is possible to have one set of standards for all organizations.