A difference in the financial reporting objectives for government entities and not-for-profit entities is that government entities report on compliance with laws, regulations, and rules that impact financial reports.

Question

Quizplus · Accepted Answer

Government entities have a responsibility to report on compliance with laws and regulations, unlike not-for-profit entities whose financial reporting objectives may be more geared towards donor or stakeholder transparency.

A Difference in the Financial Reporting Objectives for Government Entities