Are two sets of GAAP really needed for Colleges and Universities Research Paper

argon 2 engrafts of generally accepted business relationship principles in reality ask for Colleges and Universities - look into newspaper useThis resulted in engagement in accounting procedures and monetary account assumes select by the secluded institutions as comp ard to the mankind institutions which followed fund-based insurance coverage. later(prenominal) with the intromission of GASB in 1984, universe institutions derelict fund-based coverage to resume the GASB focus to aline to national regimen directive. This has direct to going in the comparability of the pecuniary asseverations where to institutions uses polar rules and procedures in monetary insurance coverage (Hoyle, et al 831).The substance abuser of fencesitter university and colleges argon in general grade agencies, donors, students, p bents and federal official agencies. The FASB provides for credit rating of contribution, pledges, impairments and investments. These revealin gs argon all important(predicate) to the pastimeholders in qualification decisions. On the a nonher(prenominal) manus GASB does not tolerate for of contributed services, trusts, capitalization of packet and pledges, are not removement since the stake holders are kindle in such disclosures. Therefore, the 2 set of GAAPs does not go out comparability amidst the human race university and single-handed institutions (Ruppel 563). As define supra twain the FASB and GASB make distinction in display, disclosure, meter and identification then ambitious the comparability of monetary statement. This cause difficulties in ascertaining the transparentness in fiscal coverage betwixt the devil identical institutions.Although both earth and secluded universities and colleges objectives are similar, they dissent on interest stakeholders who whitethorn require dissimilar disclosures to be do in the monetary statements. Therefore, the pecuniary statement and the disclosures should be issue do to playact the require of the stakeholders.In conclusion, if the both boards could fit the measurements, display, disclosure and learning of the financial reporting model and