All not-for-profits must follow FASB standards so not-for-profit ?financial statements are similar across industries.

Question

Quizplus · Accepted Answer

Prior to FASB's direct involvement in standard setting for private not-for-profits, different types of not-for-profit organizations followed very different accounting practices. Because all not-for-profits must follow FASB standards, not-for-profit financial statements are simmer across industries.

All Not-For-Profits Must Follow FASB Standards So Not-For-Profit ?Financial Statements