Over the years, a number of differences have appeared between the accounting for public colleges and universities
Question:
Over the years, a number of differences have appeared between the accounting for public colleges and universities and for those that are private. GASB holds authority over the reporting of public schools, whereas FASB has authority over private educational institutions. Consequently, GASB standards do not apply to private schools, and FASB standards do not apply to public schools unless specifically made applicable by GASB. For this reason, FASB pronouncements on depreciation, pledges, contributions, and financial statement format for not-for-profit entities do not affect public schools until and unless so stated by the GASB.
Do you think that public and private schools need to have comparable financial statements? Do you feel that both types of schools should use the same guidelines for preparing their financial statements (GASB or FASB)?
Accounting for Governmental and Nonprofit Entities
ISBN: ?978-0073379609
15th Edition
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus