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THIS OPINION SHELL SHOULD NOT BE USED FOR 123121 & SUBSEQUENT FYEs.Example 1: Unmodified GAAP: FASB ASC 958 (AICPA NFP Guide Chapter 14.09) 11INDEPENDENT AUDITOR\'S REPORT[ENTITY NAME] [COUNTY NAME]
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FASB issues guidance on accounting standards and practices that govern financial reporting for organizations in the United States.
Entities that are public companies, private companies, and non-profit organizations that prepare financial statements in accordance with U.S. Generally Accepted Accounting Principles (GAAP) are required to file FASB issues guidance.
To fill out FASB issues guidance, organizations must adhere to the specific accounting standards outlined by FASB and apply them to their financial reporting processes, ensuring compliance and accurate disclosures.
The purpose of FASB issues guidance is to ensure transparency, consistency, and reliability in financial reporting, thereby enhancing the usefulness of financial statements for investors and stakeholders.
Organizations must report information related to their financial performance, position, and cash flows, including disclosures required by applicable FASB standards.
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