Question

Actuaries of the World (AW), a not-for-profit organization whose objective is to provide actuarial services to developing countries, was organized early in 2013 by a group of Canadian actuaries. They initially thought that they would use the restricted fund method to account for restricted contributions and so they drafted the 2013 financial statements on that basis. The board is, however, now considering a single-column presentation using the deferred contribution method of accounting for restricted contributions. You, as a member of AW's board, have volunteered to help with the board's decision by redrafting the statements. AW's statements using the restricted fund method are as follows:
Required
(a) Prepare a revised statement of operations and a statement of financial position using the deferred contribution method.
(b) Contrast the approaches of the deferred contribution method and the restricted fund method to communicate information to stakeholders about restricted contributions and their utilization.


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  • CreatedJune 09, 2015
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