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

Question

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Private not-for-profits are required to follow the Financial Accounting Standards Board (FASB) standards in recording their transactions. The FASB sets the generally accepted accounting principles (GAAP) for private not-for-profits in the United States. AICPA (American Institute of Certified Public Accountants) sets the auditing standards, while GASB (Governmental Accounting Standards Board) sets the accounting standards for state and local governments. The SEC (Securities and Exchange Commission) regulates the financial reporting of publicly traded companies.

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