Not-for-Profit Financial Statements and Translation of Foreign Currency

“Form and Content of Not-for-Profit Financial Statements” Please respond to the following:

    • In Chapter 12 of the textbook, we explore the form and content requirements of financial statements of not-for-profit entities, as described by Financial Accounting Standards Board (FASB) Statement No. 117.
      • Identify and research one (1) not-for-profit organization and provide the Web link to the most recent financial report of the organization. The organization identified should include business and investment activities.
      • Contrast the treatment of business type activities in the financial report of the not-for-profit entities and governments.
      • Identify one (1) significant difference in accounting for investments by the not-for-profit and the for profit business.

      Reference included and a page long

    • “Translation of Foreign Currency Financial Statements” Please respond to the following:
      • Analyze the fundamental differences between remeasurement and the translation approach when preparing a foreign currency financial statement for a company of your choice. Next, determine one to two (1-2) situations when remeasurement is most appropriate. Provide support for your position.
      • Analyze the underlying conceptual differences between the temporal method of translation and the current rate method of translation. Determine how the balance sheet exposure differs under the two (2) aforementioned methods. Select the method that you believe provides the least balance sheet exposure. Provide rationale for your selection.
      • Reference included and a page long

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