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

Name: Private not-for-profits must follow all applicable FASB standards in recording transactions.
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Question

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The FASB has standard-setting authority over business organizations and private not-for-profit organizations. The GASB has standard-setting authority over state and local governments, including governmentally related not-for-profit organizations such as hospitals and colleges and universities.

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