Is there a need for international financial reporting standards for not-for-profit organisations?
What is it about?
This paper reports on a survey of not-for-profit organisations and the accounting standards they use for reporting. The 605 respondents represented 179 countries in all. Their perceptions about the use of accounting and the types of standards that are needed support stewardship but also reporting to funders. Many stated a need for internationally harmonized accounting standards for not-for-profit organisations.
Why is it important?
There has been much debate as to whether an international standard would be useful for not-for-profit organisations. This paper shows how practices and beliefs differ and the implications for this. Specifically, some transactions are unique to the not-for-profit sector and standard setters need to enable god reporting of these.
The following have contributed to this page: Professor Carolyn J Cordery