Reporting Memo

Memorandum From:John Smith, CPA To:Jessica Miller, Senior Partner payoff:Reporting Requirements Date: no.ember 28, 2011 As you know, our unattackable is currently offer on deuce projects: the eldest is engagement and examination give way for a sm tout ensemble county hospital. The act is shape for a private not-for-profit care for home. This memoranda is compose to set aside you with the information related to the subject matter and facilitate our firm in moving forward with the bidding process. The memo starts with a review of reporting requirements for private sector, not-for-profit nursing homes to a bring low place Financial explanation Standards Board (FASB) guidance and accordingly turns to a discussion of similarities and differences in accountancy and reporting practices amidst the two prospective clients. Reporting Requirements The FASB has primary standards - setting ascendence for all private not-for-profit health car e organizations, including the private sector, not-for-profit nursing homes. As Copley and Engstrom (2011) noted, several standards are issued specifically for not-for-profits, most notably, SFAS No. 116, write up for Contributions Received and Contributions Made, SFAS No. 117, Financial Statements of Not-for-Profit Organizations, and SFAS No.

124, Accounting for Certain Investments Held by Not-for-Profit Organizations. The American Institute of Certified humanity Accountants (AICPAs) audit and accounting guide, Health Care Organizations, incorporates the requirements of these descriptions and provides some excess guidance on compliance. Both the FASB! and AICPA pronouncements establish superiority of the collection method of accounting. The fiscal asseverations of private sector not-for-profit nursing homes should hold the following: statement of financial position (or balance pall), statement of activities (or operations), statement of exchange flows, and statement of changes in net assets. illuminate assets of the balance sheet are required to be...If you want to develop a replete essay, order it on our website: BestEssayCheap.com

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