Private not-for-profits must follow all applicable ____ standards in recording transactions.

Question

Quizplus · Accepted Answer

Private not-for-profits must follow FASB standards in recording transactions, as they are considered outside of the scope of GASB standards which apply to governmental not-for-profits, and SEC standards which apply to publicly traded companies. AICPA standards may be relevant for audit and accounting services, but not for transaction recording.

Private Not-For-Profits Must Follow All Applicable ____ Standards in Recording