Differentiate restricted funds in nonprofits and governments

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Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.

FASB 117 provides the guidelines for reporting for nonprofits. Assess if FASB 117 establishes the same guidelines as GASB 54. Support your position.

Reference no: EM13120525

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