The government Accounting Standards Board (GASB) controls the accounting and financial reporting for governmental, not-for-profit entities, and the Financial Accounting Standards Board (FASB) controls the accounting and financial reporting for nongovernmental, not-for-profit entities. It is important to determine the role the government has in not-for-profit organizations to determine which reporting standards apply. Consider these two asset categories, "net assets without donor restrictions" and "net assets with donor restrictions". Pick a not-for-profit entity and discuss how not applying the two reporting standards could impact reporting. Is there a specific category you'd expect to be applied with regards to the entity you selected? Discuss your agreement/disagreement with their findings and/or conclusions. Provide constructive feedback in your reply post(s). Offer a follow-up question in your post(s) to help keep the discussion going forward.

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The Role of Government in NotforProfit Organizations Notforprofit organizations NPOs play an important role in society by addressing various social cultural and environmental needs The government has ... View the full answer