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For-Profit, Not-for-Profit and Government Organization Reporting

Differences that exist in financial reporting in for-profit and government organizations include:
Government organizations prepare their financials for the public at large, whereby they can be judged based on their ability to do good with the funds they were initially provided. For-profit organizations prepare their financial statements to be viewed by stakeholders – shareholders, creditors, lenders, employees, vendors, etc., whereby these users can determine the profitability of the company.

Similarities that exist in financial reporting in for-profit and government organizations include:
Similarities that exist in financial reporting in for-profit and government organizations include their use of generally accepted accounting principles (GAAP).

Differences in reporting guidance in a for-profit and not-for-profit organization include:
Some of the differences that exist between reporting guidance for-profit and not-for-profit organizations include for-profits reporting their operational activities for the use of shareholders, lenders, vendors, creditors, and other stakeholders in the firm, whereas, not-for-profits are preparing their financials with the intent of demonstrating their ability to properly allocate and use the funding they were provided.

Similarities in reporting guidance in a for-profit and not-for-profit organization include:
Some of the similarities that exist between reporting guidance for-profit and not-for-profit organizations include, both types of organizations report their financial activities in accordance with GAAP.


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