Re two sets of GAAP really needed for Colleges and Universities
Private non-for-profit colleges and Universities adhere to FASB Accounting standards codification requirements and prepare financial statements. GAAp for public schools comes from GASB; for private schools, it comes from FASB ASC. Does the division between the financial reporting appropriate for public colleges and universities and that utilized by private colleges and universities serve these statement users well? Are these two types of schools so different that they require two separate sets of generally accepted accounting principles created by two official bodies? Should one set of GAAP apply to all schools?