Financial Reporting – Different GAAP for Different Folks • Type of Entity: GAAP Set By: • Government GASB • Business FASB • Non-Profits FASB • Public Companies PCAOB / FASB
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Why Are Tribes Considered Gov’ts for Financial Reporting? • Power to Enact and Enforce a Tax Levy? • Established via Governmental Legislation? • Provide Services in Lieu of Another Government? • Ability to Issue Tax-Exempt Debt? • Non-for Profits Under Tax Provisions do not Preclude Entities from Being Governmental • Tribes are considered sovereign entities, similar to state governments by the United States Federal Government.
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BlueBird CPAs
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