Reporting Requirements Memo Essay example
College
Essay
Finance & Accounting
Pages 5 (1255 words)
Download 0
Memo for accounting reporting requirements for a small county hospital and a private not-for-profit nursing home Memorandum To: From: Subject: Accounting Reporting requirements Date: January 09, 2013 This memo deals with the two projects that our firm is currently bidding…

Introduction

The memo ends with the comparison of the accounting reporting practices of the two entities. Reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance The Financial Accounting Standard Board has specific accounting reporting requirements for all types and kinds of health care organizations. This also includes the private sector not for profit nursing homes. The Financial Accounting Standard Board have issued several standards especially for private not for profit nursing homes. Few of the standards that have been introduced are “Accounting for Contributions Received and Contributions Made,” “Financial Statements of Not-for-Profit Organizations” and “Accounting for Certain Investments Held by Not-for-Profit Organizations”. The American Institute of Certified Public Accountants’ (AICPA’s) accounting and audit guide for Health Care Organizations have made these statements mandatory. Both AICPA and FASB promote the accrual method of accounting. An accrual method accounting gives a complete, accurate and meaningful report about the financial condition of the organization. The accounting period should span for one year. ...
Download paper
Not exactly what you need?

Related papers

PR Communication Memo
The company wishes him the best for the future. The Chief Executive Officer of the company has directed the staff to continue with the strategy that was under implementation. Under to Board’s direction, all the financial responsibilities and duties will be transferred to the new CFO following the succession plan of the company. The CEO and the Board of Directors have showed confidence in the…
Executive Memo on Accounting for Pensions and Elimination of Segments
As stated in paragraph 25 of IAS 19, there are two kinds of pensions: defined contribution and defined benefit plans. In defined contribution plans, the company’s actual obligation is just the amount it agreed to place in the fund. With this plan, the employee bears the risk if the total contribution is not enough to cover the expected benefits. In defined benefit plans, the risk is borne by the…
Memo
Case Analysis The different forms of business are sole proprietorship, Partnership, Corporation. In sole proprietorship business is owned by a single person. The benefits of sole proprietorship are that the owner is entitled to all the profits, he can make his own decisions and the financial information of his business can be kept a secret. The demerits are that the owner has to bear all the risk…
corporate reporting
It is also about the organization and the recognition of what the economy is now, and what the economy ought to be in the near future. Corporate governance explains the types of processes and the ways in which companies and businesses are controlled and directed. They also indicate the level in which the managerial status of company is and include the information containing the board and its…
Corporate Reporting
Rather, it is important that other key steps and approaches are taken towards the need to harness all the components of corporate reporting. In this respect, research has actually pointed to the fact that the regulation of corporate reporting is the key to achieving such benefits (Lang, Raedy and Wilson, 2006). Generally, a regulated corporate reporting is one that is taken from the institutional…
Financial Reporting
Due to this increase in performance of the financial statements of the company, the earnings per share increased as well as the dividend payout ratios went up with a coverage of 2.8 times for the full year, which is the shareholder’s interest in the organization. As compared with the market ratios from IHG company, Next company shown a growth in all its financial aspects. The accounts have been…
Financial Reporting
The assets listed in Coca-Cola Company’s balance sheet are classified into two main categories, current and other assets. Current assets are divided into two sections, with the first one being cash and cash equivalents and short term investments (The Coca-Cola Company, 2013). All the other assets that do not make up part of current assets are the long-term assets that are listed individually. In…