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Discuss the standards for public colleges and universities and their accounting.  Then discuss  the standards for private not-for-profit colleges and universities and their accounting.

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

 

Step-by-Step Guide:

Step 1: Understand the Two Types of Institutions

• Public colleges and universities are typically government-funded and operated.

• Private not-for-profit colleges rely on tuition, donations, and endowments without government control.

Step 2: Research Standards for Public Colleges and Universities

• Learn which accounting standards apply: public institutions usually follow GASB (Governmental Accounting Standards Board) guidelines.

• Focus on fund accounting, government reporting formats, and the use of financial statements like the Statement of Net Position and Statement of Revenues, Expenses, and Changes in Net Position.

Step 3: Explain Public College Accounting Standards

• In your first paragraph, explain that public institutions use accrual accounting under GASB standards.

• Mention how they separate funds based on purpose and maintain transparency for public accountability.

Step 4: Research Standards for Private Not-for-Profit Colleges and Universities

• Private not-for-profit colleges follow FASB (Financial Accounting Standards Board) standards, not GASB.

• Focus on concepts like unrestricted, temporarily restricted, and permanently restricted net assets (now simplified into two categories under ASU 2016-14).

Step 5: Explain Private College Accounting Standards

• In your second paragraph, discuss how private colleges report using statements like the Statement of Financial Position, Statement of Activities, and Statement of Cash Flows.

• Highlight that they focus on donor restrictions and overall stewardship of funds.

Step 6: Organize Your Writing Clearly

• Use one paragraph for public college standards and one paragraph for private not-for-profit standards.

• Keep the explanations straightforward and professional.

Step 7: Final Review Before Submission

• Ensure you clearly define the difference between GASB and FASB standards.

• Proofread for clarity and accuracy.

• Save and label your file clearly before submitting.

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