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Continuing Professional Education : The AICPA provides educational resources and programs to help accounting professionals maintain and enhance their skills and knowledge throughout their careers. Why Should You Care?
Most not-for-profit organizations and entities–like 501(c)(3) charities, churches, religious institutions, government agencies, nonprofit nursing homes and hospitals, and educational institutions– are required to use fund accounting. If you’re looking for info on fund accounting in government here is a great resource for you.
AccountingStandards In the United States, all organizations must adhere to the Generally Accepted AccountingPrinciples (GAAP). For nonprofits, however, there is an additional and specific set of standards that organizations must follow, as set out by the FASB 117.
In general, financial statement compliance involves adhering to established standards and regulations, such as Generally Accepted AccountingPrinciples (GAAP) and the Financial AccountingStandards Board (FASB) guidelines. What is Financial Statement Compliance?
Whether you are an educational, charitable, religious, sports, or other public-benefit organization, you need to have a good handle on your finances in order to make the most impact. Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting.
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