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FASB vs GASB: Article about differences (Higher Education)

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Find an article through ProQuest which discusses the differences between government and private sector accounting and finance. With your article and the assigned readings for the week, discuss the differences in government and private sector accounting and finance. Remember to properly cite your sources.

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Solution Summary

Your discussion is 337 words plus a reference to a peer-reviewed journal. The abstract is provided. The discussion briefly explains for-profit versus nonprofit versus governmental accounting. Then it discusses an example of differences in nonprofit and governmental accounting in higher education.

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Private sector accounting and finance reports the results of operations, cash flow, resources and obligations of for-profit businesses as well as not-for-profit businesses. Governmental accounting reports the activities of governmental units which differ considerably from for-profit businesses but not so significantly from not-for-profit businesses. For-profit businesses get their resources by providing customers with a service or product. The net of assets received upon sale and the expenses used in serving the customer is profit.

For nonprofit and governmental organizations, the collections are often disconnected with the ...

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Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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