Reporting Memo

Memorandum From:John Smith, CPA To:Jessica Miller, Senior Partner military issue:Reporting Requirements Date: no.ember 28, 2011 As you know, our regular is currently bid on deuce projects: the eldest is engagement and examination take for a sm tout ensemble county hospital. The act is sour for a private not-for-profit nursing home. This memoranda is compose to submit you with the information related to the subject matter and facilitate our firm in moving forward with the bidding process. The memo starts with a review of reporting requirements for private sector, not-for-profit nursing homes to a deject place Financial explanation Standards Board (FASB) guidance and and so turns to a discussion of similarities and differences in accountancy and reporting practices between the two prospective clients. Reporting Requirements The FASB has primary standards - setting delegacy for all private not-for-profit health care organizations, i ncluding the private sector, not-for-profit nursing homes. As Copley and Engstrom (2011) noted, several standards are issued specifically for not-for-profits, most notably, SFAS No. 116, accounting for Contributions Received and Contributions Made, SFAS No. 117, Financial Statements of Not-for-Profit Organizations, and SFAS No.124, Accounting for Certain Investments Held by Not-for-Profit Organizations. The American Institute of Certified public Accountants (AICPAs) audit and accounting guide, Health Care Organizations, incorporates the requirements of these descriptions and provides some redundant guidance on compliance. Both the FASB and AICPA pronouncements establish superiority of the aggregation method of accounting. The fiscal arguments of private sector not-for-profit nursing homes should hold the following: statement of financial position (or balance pall), statement of activities (or operations), statement of exchange flows, and statement of chang es in net assets. earnings assets of the ba! lance sheet are required to be...If you want to abridge a replete essay, order it on our website: BestEssayCheap.com

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