Reporting Memo

Memorandum From:John Smith, CPA To:Jessica Miller, Senior Partner domain:Reporting Requirements Date: nary(prenominal)ember 28, 2011 As you know, our firmly is currently program line on deuce projects: the eldest is engagement and examination release for a sm tout ensemble county hospital. The act is civilise for a private not-for-profit nursing home. This memoranda is compose to support 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 humiliate place Financial explanation Standards Board (FASB) guidance and and so turns to a discussion of similarities and differences in accountancy and reporting practices betwixt the two prospective clients. Reporting Requirements The FASB has primary standards - setting function for all private not-for-profit hea lth care 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, be 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 common Accountants (AICPAs) audit and accounting guide, Health Care Organizations, incorporates the requirements of these descriptions and provides some redundant guidance on compliance. Both the F! ASB and AICPA pronouncements establish superiority of the assemblage method of accounting. The fiscal narrations of private sector not-for-profit nursing homes should take on 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. mesh assets of the balance sheet are required to be...If you want to appropriate a replete essay, order it on our website: BestEssayCheap.com

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