GAAP IFRS Profit and Loss Reconciliations 
The Charity CFO
JANUARY 19, 2023
Nonprofit organizations distinguish themselves from for-profit entities through their purpose and mission. Their mission is usually anchored on a cause or social purpose, not on the generation of profits. First, nonprofits must follow GAAP, the Generally Accepted Accounting Principles. Another difference is in fund accounting.
Spreadym
AUGUST 10, 2023
Compliance: Adherence to accounting standards and regulations, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). Predefined Reports: Xero provides a variety of standard financial reports, such as profit and loss statements, balance sheets, and cash flow statements.
Expert insights. Personalized for you.
52 
Let's personalize your content