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    Different reporting standards government profit

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    Why are or should accounting and financial reporting standards be different between government and for-profit organizations?

    © BrainMass Inc. brainmass.com March 4, 2021, 11:33 pm ad1c9bdddf
    https://brainmass.com/business/the-role-of-government-and-regulation/different-reporting-standards-government-profit-433421

    Solution Preview

    The reason why the accounting and reporting should be different between government and profitable organization is that their goals are entirely different.

    While for profit entities are mainly interested in profits that can be used to fund investment returns to stockholders, governmental entities normally are more interested in providing services in an efficient and cost effective ...

    Solution Summary

    The 228 word solution explains two major differences and the results of those differences in emphasis and financial reporting.

    $2.49

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