GASB expands on financial reporting guidance for fundraising foundations and similar organizations. (accounting & auditing news).The Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. has issued Statement No. 39, Determining Whether Certain Organizations Are Component Units, which clarifies existing accounting guidance and provides greater consistency in accounting for organizations that are closely related to a primary government. The standard provides criteria for determining whether certain organizations, such as not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. foundations related to public universities and school districts, should be reported as component units based on the nature and significance of their relationship with a state or local government. Statement 39 amends AMENDS. A satisfaction, given by a wrong doer to the party injured for a wrong committed. 1 Lilly's Reg. 81. 2. By statute 24 Geo. II. c. 44, in England, and by similar statutes in some of the United States, justices of the peace, upon being notified of an Statement 14 to provide additional guidance to determine whether certain organizations for which the primary government is not financially accountable should be reported as component units based on the nature and significance of their relationship with a primary government. The standard sets forth criteria on when a government is required to provide a discrete presentation that publishes financial information about its own activities as well as those of the affiliated organization. Copies of Statement 39 can be ordered through the GASB GASB Governmental Accounting Standards Board Order Department: call 800/748-0659 or place an order online at www.gasb.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. . |
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