Although proprietary funds are often compared to for-profit organizations, there are several differences between financial reporting for proprietary funds and for-profit organizations. Identify and discuss at least one difference between each of the proprietary fund financial statements and its corporate counterpart

Proprietary funds are often compared to for-profit organizations, but there are several differences between financial reporting for proprietary funds and for-profit organizations.

Out of the three main distinctions between government accounting and profit-business accounting, we identify and discuss the kinds of financial statements that businesses, organizations and governments must file.

Explanation:

The funds collected for charges derived from enterprise or internal business-activities within the government are called proprietary funds, and  the government must manage the proprietary funds as the organizations concerning with its own interests and aiming to earn profit, called for- profit organizations, but still they differ in their accounting guidelines.

A proprietary fund for government accounting need to submit the following financial statements:

Statement of activities

Statement of cash flows

Statement of revenues, expenses, and changes in fund net position and net assets and liabilities, which state the city councils´, legislatures´, and Congress´ the financial health of the department or agency.

The Comprehensive Annual Financial Report, submitted every year by the government organizations concile the CAFR.

Profit businesses need to submit annual reports´ balance sheets and also file the called, annual financial reports.

Although annual reports stated by profit businesses do the GAAP standards, they are not required to do so, and they do not required to follow the rigid rules for CAFRs, which result in larger annual reports than profit business file ones.

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