Common Financial Reporting Errors

 

By: Jodi KimmerleJodi Kimmerle

A unique concept of not-for-profit (NFP) accounting that differentiates the NFP’s financial statements from that of a for-profit company is that of contributions and their classification as one of three net asset categories (unrestricted, temporarily restricted and permanently restricted). Errors in the recognition of contributions and in the classification between the net asset classes are common financial reporting errors.

To learn more about common financial reporting errors read the full article posted here.

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