M7 Threaded Discussion

Does it make sense to you the use of fund accounting for state & governmental transactions instead of using GAAP? Why? Any reference/source?

What measurement focus is used in government-wide financial statements and what system is applied to determine the timing of revenue and expenses recognition?

What impact does the use of modified approach have on reporting within the government-wide financial statements?

What is the difference between temporary and permanently restricted assets?

Do not-for-profit organization record donated service? Yes, No, Why, and when?

Do not forget to mention your sources!