For your next orientation meeting with your new hire, and to be helpful when other new accountants are hired, prepare a PowerPoint presentation of 5–10 slides with speaker notes that includes the following:
- Describe and explain at least 3 differences in for-profit entities and governmental agencies that cause them to have different required accounting procedures; include an example of each.
- At least 1 slide should explain which regulating authority oversees the accounting rules for governmental vs. for-profit entities. Include an example and brief explanation, in your own words, of the most recent new guideline established by the agency overseeing government accounting. Access the following Web site: www.gasb.org/st/stpg.html.
- At least 1 slide should explain at least 2 differences between governmental entities and nonprofit, nongovernmental agencies, including an example of each difference.