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The FASB’s Conceptual Framework and Statements of Financial Accounting Standards (SFASs) require full disclosures to be made in a business enterprise’s financial statements. These disclosures requirements are applicable to corporations and nonprofit organizations. The purpose of these disclosures is to provide reliable and relevant information to the users of the financial statements. In addition to disclosures required by the FASB, nonprofits must also be in compliance with regulations enacted by Congress as well as local laws.
You currently work for a nonprofit organization as a staff accountant. The controller has requested that you conduct research on disclosure requirements for nonprofit organizations to ascertain if the organization is in compliance with established FASB requirements and any other regulations applicable to nonprofits, such as IRS regulations.
Prepare a written report of 2–5 pages that includes the following:
- Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.
- Explain disclosure requirements for nonprofit organizations, such as the tax-exempt determination letters required by Congress and the IRS.
- Discuss the reasons for these disclosure requirements and the sentiments of the public and government about deviations and scandals in this sector because of lack of disclosures.
- Include a minimum of 3 properly researched and cited facts using APA format as they apply to the disclosure requirements for nonprofit organizations.