Question

Various entities are all involved in delivering the same basic service — education. For example, In the United States, educational services can be provided by federal government entities, by non-federal government entities, by not-for-profit entities, and by for-profit entities. Are the accounting and financial reporting standards the same for each of these entities? Should they be the same?

Answer 1

Answer:

According to the Financial Accounting Standards Board (FASB), money related announcing requirements are distinctive for different substances. The structure of the element and the law under which it is setup oversees the money related announcing measures. For instance, an element setup as not for benefit, is furnished with certain tax breaks from the administration, which is a privilege it gets because of its not revenue driven status. So despite the fact that the administration given by an element is same, there are diverse bookkeeping and budgetary detailing benchmarks for every one of the substances.

As I would see it, every substance is setup for an alternate reason. For instance government elements giving training administrations to under privileged understudies like vagrants or a not revenue driven element giving instruction administrations to daze youngsters. The bookkeeping and revealing necessities for these establishments must be not the same as a for benefit instructive organization demonstrating training in cooled classes to the offspring of the specialty class. There are diverse classes of advantages given to various elements. So since every substance has an alternate reason, their gauges ought to likewise be extraordinary.