Government Accounting Essay Example | Topics and Well Written Essays - 500 words

Government Accounting - Essay Example Such aspirations had a significant impact on the reporting formats and methods resorted to by not-for-profit organizations and government organizations and institutions. The latest accounting standards elaborately lay down the norms and principles that the administration and auditors in the government and not-for-profit organizations are required to follow. The government and not-for-profit entities are required to satisfy the appropriate authorities that they are pursuing the acceptable and valid accountability standards for the purposes of financial disclosure and reporting (Granof, 2002). In addition, they are required to chalk out and promulgate specific, discernable and quantifiable goals and performance targets. The government and not-for-profit organizations are well aware of the fact that with this rise in public scrutiny, there has been an unprecedented increase in the need for placing the people and organizations managing public funds under stringent accountability norms.