Part 1 Review the Governmental Accounting Standards Board (Links to an external site.) website.
GASB has issued standards regarding special purpose entity reporting. To explore this idea, go to the Governmental Accounting Standards Board (Links to an external site.) website, key in special purpose entity reporting in the search field, and hit enter. Then review GASBS 6 (not the Summary), and summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly. For details on how to best summarize,
In your own words, list and describe the three classes of net assets used in private not-for-profit accounting. Give an example of each type to illustrate.