NFP ACCOUNTING STANDARDS Definition

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NFP ACCOUNTING STANDARDS are established by the Financial Accounting Standards Board (FASB) or the Government Accounting Standards Board (GASB). Additionally, the American Institute of Certified Public Accountants (AICPA) influences the accounting for nonprofit organizations with its industry and accounting guides and Statements of Position (SOPs).

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NON-DISCRETIONARY means it is mandatory, not up to the individual or company.

CONTROLLER is usually an experienced accountant who directs internal accounting processes and procedures, including cost accounting.

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