Research Caseâ€”Comparing Financial Reporting Objectives. GASB Concepts Statement No. 1, â€œObjectives of Financial Reporting,â€ states that â€œAccountability is the cornerstone of all financial reporting in government.â€ FASB Statements of Financial Accounting Concepts Statement No. 8, â€œConceptual Framework for Financial Reporting,â€ states that â€œThe objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.â€ However, the FASB has acknowledged through Statement of Financial Accounting Concepts No. 4, â€œObjectives of Financial Reporting by Nonbusiness Organizations,â€ that users of business and not-for-profit entities differ.Required
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Compare financial reporting needs of resource providers of not-for-profit organizations to financial reporting needs of resource providers of for-profit organizations.