1. Compare and contrast the conceptual framework for business, governmental and not for profits
2. Select an exposure draft on any transaction that you have covered in your reading. Evaluate  and discuss the appropriate accounting treatment for this transaction—– ATTACHED 

3/23/22, 9:41 PM Copyright © 2019, Governmental Accounting Standards Board, Norwalk, Connecticut. All Rights Reserved.

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Statement No. 29 of the Governmental Accounting Standards Board
The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities


Issued: August 1995

Effective Date: For periods beginning after December 15, 1994 (earlier application encouraged; however, the modification of the AICPA Not-for-Profit model for certain GASB pronouncements is effective
for entities that previously have not applied those pronouncements for periods beginning after December 15, 1995)

Affects: Amends GASBS 4, ¶10

Amends GASBS 8, ¶11

Amends GASBS 20, ¶7

Affected by: Paragraph 1 superseded by GASBS 34, ¶3
Paragraph 2 superseded by GASBS 62
Paragraph 3 superseded by GASBS 34, ¶3
Paragraph 4 amended by GASBS 34, ¶3 and ¶94; superseded by GASBS 62
Paragraph 5 amended by GASBS 34, ¶3, ¶134–¶141, and ¶147; superseded by GASBS 62
Paragraph 6 and fn3 superseded by GASBS 34, ¶3 and ¶134–¶141
Paragraph 7 amended by GASBS 34, ¶94; superseded by GASBS 62

Primary Codification Section Reference: None

This Statement provides interim guidance concerning the use of not-for-profit accounting and financial reporting principles by state and local governmental entities pending one or more GASB
pronouncements on the accounting and financial reporting model for governmental entities, including proprietary activities.
This Statement provides that governmental entities that heretofore have applied not-for-profit accounting and financial reporting principles by following the American Institute of Certified Public
Accountants’ (AICPA) Statement of Position (SOP) 78-10, Accounting Principles and Reporting Practices for Certain Nonprofit Organizations, or Industry Audit Guide, Audits of Voluntary Health and Welfare
Organizations, should apply the Governmental model or the AICPA Not-for-Profit model. The AICPA Not-for-Profit model consists of the accounting and financial reporting principles contained in SOP 78-10
or Audits of Voluntary Health and Welfare Organizations—except for the provisions relating to the joint costs of informational materials and activities that include a fund-raising appeal—as modified by all
applicable Financial Accounting Standards Board (FASB) pronouncements issued through November 30, 1989, and as modified by most applicable GASB pronouncements.
This Statement also provides guidance for proprietary activities—that is, proprietary funds and other governmental entities that use proprietary fund accounting—that apply the provisions of paragraph 7 of
GASB Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting. It provides that those activities should appl

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