1.Explain the criteria/definition of a government entity according to the accounting literature, making it subject to GASB standards instead of to FASB standards.

2.Compare and contrast the major differences between governmental and for profit methods of accounting. Consider financial statements, specific method of accounting, external reporting, etc.

3.Discuss differences in success metrics. What drives each type of entity? Who are the stakeholders and what do they demand of these entities?

4.In your opinion as a stakeholder, which method of accounting is more easily understood? Provide details to support your position.

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1 It is most important fact that the scope of the GASB is the government while the scope of the FASB includes the public companies in US This differen... View the full answer