Governments around the world have approached the issue of regulation of financial reporting by government and not-for-profit entities in different ways. Some countries (including until recently Australia) have had separate accounting standards for these types of entities. Australia however has now adopted an approach that the AASB standards be sector neutral – that is, they apply to all reporting entities, irrespective of what sector the entity belongs to. There are still however particular issues that need to be specifically addressed in relation to these entities and this has resulted in paragraphs being added to the AASB standards (labelled Aus) with particular reporting requirements for these entities.
You are required to briefly explain what it is about government and not-for-profit entities that mean they are unable to meaningfully apply the same set of standards as do business entities. You need to outline the nature of these entities and the activities which they undertake and explain how these differences can have an effect from an accounting perspective.
This assignment is not designed to be particularly challenging to students and the basic material is covered in the readings with which you have been provided. It should not be necessary to undertake significant other research in order to complete this assignment well. The purpose of the assignment is to ensure that you have a good understanding of the nature of the entities with which we are dealing.
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