Nongovernmental not-for-profits must account for defeasances differently than governments.

Name: Nongovernmental not-for-profits must account for defeasances differently than governments.
Brand: Quizplus
Rating: 4.7 (41 reviews)

Question

Quizplus · Accepted Answer

Nongovernmental not-for-profits follow accounting standards set by the Financial Accounting Standards Board (FASB), while governments follow the Governmental Accounting Standards Board (GASB) standards. Therefore, the accounting treatment for defeasances may differ between the two types of entities.

Nongovernmental Not-For-Profits Must Account for Defeasances Differently Than Governments