Acc548 Week 5 Reporting Requirements Memo Essay

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Reporting Requirements Memo | Not-For-Profit and Government Accounting/ACC548 MEMORANDUM Date: ------------------------------------------------- To: CPA Senior Partner ------------------------------------------------- From: ------------------------------------------------- Subject: Reporting Requirements ------------------------------------------------- Objectives This memo is prepared with two objectives as follows: 1. To provide analysis reporting requirement both of a small county hospital (SCH) and a private not-for-profit nursing home…show more content…
* Statement of net assets (Balance sheet) presentation required classification of current and non-current of assets and liabilities. Equity section presents: Net Assets Invested in Capital Assets, Care Organizations Net of Related Debt, Restricted Net Assets, and Unrestricted Net Assets. * Statement of Revenues, Expenses, and Change in Fund Net Assets required the statement of operations and must include a performance indicator that distinct reports results of operating and non-operation of revenue and expenses. * Items should not be included: Internal transaction other than in exchange for services, unrealized gains/losses on investment other than those classified as trading securities, a such as identified by FASB. * Revenue: Patient service revenue be reported net of estimated adjustments and does not include charity care. Include note disclosures of method revenue recognition and management’s policies for providing charity care and notes charity care provided. Operating revenues cover patient service revenue, premium revenue based on agreement for a fixed fee, other revenue from parking fees, gift shop, cafeteria, and tuition. The unrestricted gifts; investment income for current unrestricted purposes be classified according to the policy there in. * Classifications Expenses follow natural classification or their functional classifications. Property, plant, and equipment acquired by restricted or unrestricted

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