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Nonprofit organizations and government agencies have special requirements to show, in financial statements and reports, how money is spent, rather than how much profit was earned. Unlike profit oriented businesses, which use a single set of self-balancing accounts (or general ledger ), nonprofits can have more than one general ledger (or fund ...
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization. The GASB is subject to oversight by the Financial Accounting Foundation (FAF), which selects the members of the GASB and the Financial Accounting Standards Board , and it funds both organizations.
The Single Audit Act: Audits of States, Local Governments and Non-Profit Organizations; AICPA Audit Committee Toolkit: Non-profit Organizations; American Institute of Certified Public Accountants (AICPA) United States Code Title 40, Sections 276a to 276a-7, and Title 42 Sections 15(a)(7)(A) and 300ff-14(b)
An Annual Comprehensive Financial Report (ACFR), formerly called a Comprehensive Annual Financial Report (CAFR)) [1] is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).
Audits of state and local governmental units full-text: 53-04: 1981: Audits of state and local governmental units full-text: 53-05: 1986: Audits of state and local governmental units full-text: 53-06: 1989: Audits of state and local governmental units full-text: 53-07: 1992: Audits of state and local governmental units, with conforming changes ...
In Algeria, nonprofit organizations are regulated by Law No. 12-06 of 12 January 2012 on Associations. This law provides guidelines for the establishment, registration, and operation of nonprofit organizations. It sets out the requirements for formation, membership, governance, financial reporting, and dissolution of associations.
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) is a uniform act that provides guidance on investment decisions and endowment expenditures for nonprofit and charitable organizations. As of 2012 [1] UPMIFA is the law in 49 states, the District of Columbia and the U.S. Virgin Islands. [2]