Financial Accounting Standards Board For Profit And Nonprofit Organizations Essay

The background, mission, financial reporting standards, service targets, unique standing of the organization is discussed below. The financial statements and audited

Many people have dreams and aspirations for the future. Some want to be rich, have their dream home, be famous or travel the world. While these are all great goals and aspirations, they are not a wish of mine. My dream is to open a non-profit organization that assists in finding employment for disabled adults, specifically autistic adults. Before beginning this establishment I must have a solid vision, the mission of the non-profit, the goals I am aspiring to reach and a firm set of policies in place all while ensuring the correct management style is utilized.

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

Financial statements are vital for organizations to predict future profitability. Financial analysis is the evaluation of data to assist in investment and making financial decisions. Throughout this paper team “B” will cover different aspects from the Valley of the Sun United Way’s financial statements. In their financial statements we will review internal and external factors that may have affected them over the course of the fiscal year. We will also review any major increases or decreases they have experienced and

A semi-detailed business overview of the non-profit organization known as the YMCA or Young Men’s Christian Association is discussed. A brief history of the origins of the company is detailed along with the definition or explanation of the company’s mission statement. The organization’s basic legal, social, and economic environment is described. Likewise the YMCA’s management structure, operational issues, as well as financial issues are discussed. Lastly, the possible impact that potential change factors, which includes the role of technology, can present to the YMCA business organization are discussed.

The fourth nonprofit I analyzed is called GreaterGood which is an online website that sells a wide range of products that have been made across the world and uses the profit generated by sales to donate to a variety of different nonprofits that have a specific mission (Help, 2015, p.1). The specific nonprofits that GreaterGood donates to breast cancer, animal rescue, veterans, autism, diabetes, the rainforest, and the one that is specific to my area of analysis the hunger site. This style of nonprofit expressed by the GreaterGood charity is extremely unique because of the extreme differences in charities they are partners with. With the multiple charities they work with I would be confident in arguing that the GreaterGood-hunger site is a path-goal leadership style.

The accounting system we use today started in Venice in renaissance period over 520 years ago. The trade business increased hugely during this time and all the financial recordings had to be written down to help people see how their business is doing. During that time in 1494 the first book about was published in accounting by Luca Paciolli and was called “The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality”. He was called “The father of Accounting” and most of his described principles have been used up until this day.

Nonprofit Organizations The purpose of this research is to define nonprofit organizations, describe opportunities that are present in nonprofits, outline advantages and disadvantages of working in the nonprofit sector, and explain how you can determine if this is an area for you to consider as a career. WHAT IS THE NONPROFIT SECTOR? "Nonprofit" is a term that the I.R.S. uses to define tax-exempt organizations whose money or "profit" must be used solely to further their charitable or educational mission, rather than distribute profits to owners or shareholders as in the for-profit sector.

Nonprofit organizations have several functions, and not each one is alike. Essential to all non-profit organizations are four functions: planning, budgeting, funding and management.

In today’s world there are hundreds of thousands of non-profit organizations (NPOs) established at the local, regional, national and international level, and their influence is increasing. Non-profit organizations even considered the third sector of the economy (the first two is the public and private, or commercial). It is believed that they have a special role in development of civil society. In those countries, which have largely shaped the system of legislative regulation of the sector (USA, UK, Australia, etc); the state spends huge sums on research programs in the field of standardization of the NPO.

There used to be a time when zoos used to be full of animals. A time when extinction was not a problem. That was the past. Today, zoos all around the world are missing many animals such as the African elephant or the dodo bird. All of these wonderful animals became extinct because we were careless enough to let them all die. World Wildlife Fund (WWF) is an organization that is trying to prevent extinction from happening. WWF is an environmental organization dedicated to “protecting the world’s wildlife and wetlands” ("World Wildlife Fund"). It is one of the largest private supported conservation organizations in the world, with support from one million members in just the United States. WWF was formed on September 11, 1961 in Morges,

A not for profit organization is a corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive (Legal, 2013).” There are immense community benefits as a not-for-profit generally accepts everyone regardless of ability to pay. Nonprofit organizations are granted tax-exempt status which helps them to provide services to the public and are expected to be effective managers of their finances as well as being efficient (Financial Management, 2010). In doing so, they can gain exemptions from federal and state incomes taxes and have the ability to solicit tax-deductible contributions (Financial Management, 2010). Organization must follow legal financial

1. A brief history of the two organisations, and their objectives, in as far as they

First, The International Accounting Standards Board (IASB) issues The International Financial Reporting Standards (IFRS) on U.S securities and exchange companies listed.

Financial Statements basically show the historical performance or record of the company at some previous point of time. By the time when financial statements are made public, changes are many economical areas such as market conditions, currency exchange rate and inflations can change the values of assets and liabilities. In this case there often exist discrepancies between book value of assets and their market values.