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Audits of Voluntary Health and Welfare Organizations
3/23/22, 9:41 PM Copyright © 2019, Governmental Accounting Standards Board, Norwalk, Connecticut. All Rights Reserved.
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Statement No. 29 of the Governmental Accounting Standards Board The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities
STATUS
Issued: August 1995
Effective Date: For periods beginning after December 15, 1994 (earlier application encouraged; however, the modification of the AICPA Not-for-Profit model for certain GASB pronouncements is effective for entities that previously have not applied those pronouncements for periods beginning after December 15, 1995)
Affects: Amends GASBS 4, ¶10
Amends GASBS 8, ¶11
Amends GASBS 20, ¶7
Affected by: Paragraph 1 superseded by GASBS 34, ¶3 Paragraph 2 superseded by GASBS 62 Paragraph 3 superseded by GASBS 34, ¶3 Paragraph 4 amended by GASBS 34, ¶3 and ¶94; superseded by GASBS 62 Paragraph 5 amended by GASBS 34, ¶3, ¶134–¶141, and ¶147; superseded by GASBS 62 Paragraph 6 and fn3 superseded by GASBS 34, ¶3 and ¶134–¶141 Paragraph 7 amended by GASBS 34, ¶94; superseded by GASBS 62
Primary Codification Section Reference: None Summary
This Statement provides interim guidance concerning the use of not-for-profit accounting and financial reporting principles by state and local governmental entities pending one or more GASB pronouncements on the accounting and financial reporting model for governmental entities, including proprietary activities.
This Statement provides that governmental entities that heretofore have applied not-for-profit accounting and financial reporting principles by following the American Institute of Certified Public Accountants’ (AICPA) Statement of Position (SOP) 78-10, Accounting Principles and Reporting Practices for Certain Nonprofit Organizations, or Industry Audit Guide, Audits of Voluntary Health and Welfare Organizations, should apply the Governmental model or the AICPA Not-for-Profit model.
The AICPA Not-for-Profit model consists of the accounting and financial reporting principles contained in SOP 78-10 or Audits of Voluntary Health and Welfare Organizations—except for the provisions relating to the joint costs of informational materials and activities that include a fund-raising appeal—as modified by all applicable Financial Accounting Standards Board (FASB) pronouncements issued through November 30, 1989, and as modified by most applicable GASB pronouncements. This Statement also provides guidance for proprietary activities—that is, proprietary funds and other governmental entities that use proprietary fund accounting—that apply the provisions of paragraph 7 of GASB Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting. It provides that those activities should apply only those FASB Statements and Interpretations issued after November 30, 1989, that are developed for business enterprises.
They should not apply FASB Statements and Interpretations whose provisions are limited to not-for-profit organizations or address issues concerning primarily such organizations (such as FASB Statements No. 117, Financial Statements of Not-for-Profit Organizations, and No. 116, Accounting for Contributions Received and Contributions Made, respectively). The provisions of this Statement generally are effective for financial statements for periods beginning after December 15, 1994; the modification of the AICPA Not-for-Profit model for certain GASB pronouncements is effective for entities that previously have not applied those pronouncements for periods beginning after December 15, 1995. Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraph 4 discusses the applicability of this Statement.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Audits of Voluntary Health and Welfare Organizations |
Audits of Voluntary Health and Welfare Organizations