Accounting Standards for Colleges and Universities and “Segment and Interim Reporting”
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“Accounting Standards for Colleges and Universities” Please respond to the following
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- Using Chapter 13 in the textbook(Government and Not-for-profit Accounting-Concepts and Practices) , summarize the major types of colleges and universities. Identify the accounting standards that these educational institutions are required to follow.
- Imagine that you work in the accounting department of a university and your boss has asked you to prepare a financial statement presentation of the endowments. Discuss the three (3) types of endowments and how they are presented on the financial statements of a public and a private university or college. In your discussion explain the restrictions imposed on each type of endowment and the corresponding justification for designation as restricted or unrestricted.
- References included
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“Segment and Interim Reporting” Please respond to the following:
- Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S. GAAP or IFRS disclosures provide financial statement users the most useful information for investment or credit decisions. Provide support for your choice.
- Speculate on at least three (3) accounting problems that exist under U.S. GAAP related to interim financial reports. Next, suggest at least one (1) approach to overcome each listed problem. Provide a rationale for your response.
- References included
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