A12 Twatt - C hapter 16 Tiffany Watt Assignment: A12 April...

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Chapter 16 Tiffany Watt Assignment: A12 April 20, 2011 AC 325 – E01 Questions 16-1. GASBS 35 requires that all public colleges and universities follow the GASBS 34 financial reporting model used by state and local governments for their separately issued financial statements. However, the FASB requires private colleges and universities to report on the changes in unrestricted, temporarily restricted, and permanently restricted net assets of the entity as a whole, the same as nongovernmental not-for-profit organizations. In short, standards for all public colleges and universities are set by the GASB. While all private colleges and universities follow standards set by the FASB. 16-8. The financial statements for private colleges and universities include: a statement of cash flows, the statement of financial position, and a statement of activities. The financial statements presented for a public college or university depends on whether the institution is engaged only in business-type activities
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A12 Twatt - C hapter 16 Tiffany Watt Assignment: A12 April...

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