One of the major objectives of ASC 958 is to:
A)emphasize the different fund structures that currently exist for all private,nonprofit organizations.
B)change the reporting for governmental organizations so that their reporting is comparable to that of private,nonprofit organizations.
C)report combined financial statements,instead of individual fund financial statements,for all private,nonprofit organizations.
D)bring about greater uniformity in the financial statements of all private,not-for-profit organizations.

Question

Quizplus · Accepted Answer

ASC 958 aims to bring about greater uniformity in the financial statements of all private, not-for-profit organizations. This is achieved by providing guidelines for reporting and presentation of financial statements, including the use of a statement of financial position, statement of activities, and statement of cash flows. The objective is to enhance clarity and comparability of financial information for users of nonprofit financial statements. The other options (A, B, and C) are not consistent with the objectives of ASC 958.

One of the Major Objectives of ASC 958 Is To