Nonprofit and Governmental: Some clients ask about accounting for nonprofit entities and governmental entities. Discuss the reporting requirements for each and how they differ from a for$-$profit entity.

Explain how to address compliance with Government Accounting Standards $($GAS$)$ in nonprofit and governmental financial statements. Support your response with academic source$($s$).$

Explain how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements. Provide academic examples to support your response.

Compose example financial statements for your company as a nonprofit entity and as a governmental entity. Ensure all information is entered accurately and the statements are compliant with GAS.