The following critical elements must be addressed:
Governmental Organization: In this section, you will select a local or state governmental organization (MASSACHUSETTS) and research its financial reports.

Describe the local or state governmental organization you have chosen, including the financial reports that you are using in your research.
Explain the specific accounting standards that the organization needs to meet based on its governmental status.
Discuss the components of the government organization’s financial reports, including supplementary information that is provided and how it benefits the end user.

Nonprofit Organization: In this section, you will select a nonprofit organization and research its financial reporting.

Describe the nonprofit organization you have chosen, including the financial reports that you are using in your research.
Explain the specific accounting standards that the organization needs to meet based on its nonprofit status.
Discuss the components of the nonprofit organization’s financial reports, including supplementary information that is provided and how it benefits the end user.

In this milestone submission, be sure to include at least four sources cited in APA formatting. Among these citations, you may include your textbook, a CAFR for the government agency you selected, the annual report of the nonprofit you selected, or any additional scholarly resources.
Rubric Guidelines for Submission: Your paper should be 3-4 pages, double spaced, with one-inch margins, 12-point Times New Roman font, and formatting according to APA guidelines.