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This makes it challenging to create technology that tracks data for fundraising purposes while still following accountingprinciples. Instead, accounting software prioritizes accuracy, standardization, and regulatory compliance. For nonprofits, GAAP ensures transparency, accuracy, and consistency in financial statements.
If you’re looking for info on fund accounting in government here is a great resource for you. Both Generally Accepted AccountingPrinciples (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit.
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In general, financial statement compliance involves adhering to established standards and regulations, such as Generally Accepted AccountingPrinciples (GAAP) and the Financial Accounting Standards Board (FASB) guidelines. When the finance team sees their leader prioritize compliance, they are more likely to follow suit.
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