You currently work for a nonprofit organization as a staff accountant. The controller has requested that you conduct research on disclosure requirements for nonprofit organizations to ascertain if the organization is in compliance with established FASB requirements and any other regulations applicable to nonprofits, such as IRS regulations.
Prepare a written report of 2–5 pages that includes the following:
- Describe financial accounting disclosures required for nonprofit organizations and how these disclosures provide useful information to users.
- Explain disclosure requirements for nonprofit organizations, such as the tax-exempt determination letters required by Congress and the IRS.
- Discuss the reasons for these disclosure requirements and the sentiments of the public and government about deviations and scandals in this sector because of lack of disclosures.
- Include a minimum of 3 properly researched and cited facts using APA format as they apply to the disclosure requirements for nonprofit organizations.