Access the Governmental Accounting Standards Board website at www.GASB.org. Find the GASB White Paper on “Why Governmental Accounting and Financial Reporting Is—and Should Be—Different.” There are numerous differences between governments and for profits in the accounting and reporting of financial transactions. Two accounting and reporting differences between governments and for-profit organizations relate to capital assets and major revenue sources. Using the information in the White Paper and your knowledge from your financial accounting courses (refer to a financial accounting textbook or the FASB website [www.FASB.org] if you need a refresher), discuss why there are accounting and reporting differences related to capital assets and the organizations’ major revenue sources (sales and property tax revenues).
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