B-01.045 Problem

B-01.045 Problem - Financial Statements of Not-for-Profit...

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B-01.045 Begin by reviewing B-01.04. Blood centers are typically organized as not-for-profit organizations, and hospitals do not markup or profit from donated blood products. Over 4 million lives are saved each year in the USA alone by blood donations, even though less than 5% of the population donates blood. Although most academic accounting courses tend to focus on business organizations, you should be aware that not-for-profit organizations comprise a huge part of the economic system. They prepare somewhat unique financial statements according to standards set forth by Statement of Financial Accounting Standard No. 117,
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Unformatted text preview: Financial Statements of Not-for-Profit Organizations , issued by the Financial Accounting Standards Board. (a) Review the "Facts about FASB" at the Financial Accounting Standards Board website (www.fasb.org). What is the FASB and what is their primary role? (b) Locate SFAS No. 117 on the FASB website, and identify the required financial statements of a not-for-profit organization. Comment on similarities and differences between the required financial statements of a business enterprise versus a not-for-profit entity....
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