Accounting System and Financial Reporting of Ngos: Case Study of a Brac’s Project

Accounting is the methodical and full recording of financial transactions relating to a business, and it also denotes to the procedure of briefing, examining and evaluating these transactions to cross checking agencies and tax collection agencies. Accounting is one of the key purposes for nearly any company. It may be done by an auditor and accountant at small businesses or by substantial finance subdivisions with lots of employee’s at

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

The effective use of IA departments causes less dependency and or reliance on external auditing. Ineffective use of this department can create reliability of the external audit firm, high costs for use of their services. Ideally, effective auditing should be done twice a year, consist of a short period of attendance; whereas, if it is possible for charities to have an internal auditing department, auditing will be carried out as often as every three months and the likelihood of any mismanagement of funds will be greatly reduced and this lead to gradual abolition. For effective IFC practices, various functions should be implemented to address each area so that effective operations are in place and at the same time reduce

The purpose of this paper is to define accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees.

Successful management of a not-for-profit organization requires providing high-quality service, but at the same time, careful administration - to reduce expenses and automate processes are ongoing requirements. Each type of not-for-profit organization has unique management needs. For example:

This research guide of American Nonprofit Law addresses several issues, and includes references to materials covering: 1) the history, philosophy, and development of nonprofit law; 2) the role and function of non-profit law in the United States; 3) the governance of the non-Profit Organizations (NPOs); 6) taxation and tax-exempt status for Non-Profit Organizations; 7) the rights, duties, and powers

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

There are three kind of financial statements for companies which the content reflected different information. Among them, the first is the balance sheet, this statement reflects the financial situation of enterprises. For example, some of the listed companies wants to reflect good financial position in the statement, they will want to increase total assets, decrease accrued total liabilities, and then of course increase owners ' equity, making investors mistakenly believe the company has great investment value, thereby misleading public opinion and investors. Beside the balance sheet the other two financial statements are the income statement and cash flow statement. These two statements reflect the business situation of enterprises. The income statement is an important indicator to measure the performance of listed companies, it is closely related to the allotment and the profit. Therefore, in order to increase the profits of listed companies, they will have to Increase revenue, earnings, decrease expenses, costs and losses (Temte, 73). It helped increase tax evasion, embezzlement and other economic criminal activities. A large number of cases being investigated, all related to the accountants making the fake accounting entries. Therefore, the accounting credibility loss has restricted the development of the market economy. In a business, accountant often times handle the tax problem, so if

Dynamic and youthful design created for the Canadian non-profit organization, COSTI Immigrant Services. The aim of the project was to develop a handbook for international students visiting Canada for the first time. It was imperative for illustrations to resonate with students from all around the world easily, all while tackling challenging subjects like racism and consent.

The journey toward updating nonprofit financial reporting began in 2011 when the accounting board met to analyze ways to implement reforms that would make the function of accounting in nonprofit organizations more transparent. The Financial Accounting Standards Board (FASB) hoped to cover many areas concerning access to funds by nonprofit organizations in order to give insight to the actual funds groups have at their disposal at any time. Public accountability and transparency dictates that the access to funds is a very major aspect of financial reporting for institutions. For instance, a group of university alumni may decide to donate funds for scholarships, whereas others could give money for the construction of a facility

The witch’s boss, Mr. Fergusson, didn't accuse as so much as nonchalantly implied, to Jenna's mother that she possibly would be considered a person of interest in the disappearance of said funds.

In my area and throughout the city of Los Angles, the not-for-profit organization, Coalition to Abolish Slavery & Trafficking (CAST) has plenty of resources for survivors of sex trafficking and exploration. CAST is a multi-ethnic, “multi-lingual human rights organization that has been nationally and internationally recognized for its dedication to the identification of trafficking survivors.” (CAST, About Us, n.d.) CAST was the “first organization in the country dedicated exclusively to serving survivors of human trafficking and modern-day slavery.” CAST is the only “organization in the country that offers all three branches of services in-house (social services, shelter, and legal services), without all three, the victims could not become survivors” (CAST, Client Services Program, n.d.). Branch 1 CAST social services help clients to recover from years of abuse and trauma so they can become self-sufficient and thriving members of our community (CAST, Social Services, n.d.). Services include access

In today’s world there are hundreds of thousands of non-profit organizations (NPOs) established at the local, regional, national and international level, and their influence is increasing. Non-profit organizations even considered the third sector of the economy (the first two is the public and private, or commercial). It is believed that they have a special role in development of civil society. In those countries, which have largely shaped the system of legislative regulation of the sector (USA, UK, Australia, etc); the state spends huge sums on research programs in the field of standardization of the NPO.

A not for profit organization is a corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive (Legal, 2013).” There are immense community benefits as a not-for-profit generally accepts everyone regardless of ability to pay. Nonprofit organizations are granted tax-exempt status which helps them to provide services to the public and are expected to be effective managers of their finances as well as being efficient (Financial Management, 2010). In doing so, they can gain exemptions from federal and state incomes taxes and have the ability to solicit tax-deductible contributions (Financial Management, 2010). Organization must follow legal financial

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.