Financial statement regulation for Nonporofit Organizations (NPOs) are inadequate due to historical lack of attention and also NPOs did not distribute profits because the value of having transparency in financial statement and economic operations was considered secondary. The purpose of accountability in nonprofit organizations is to inform public on the activities developed in accordance with the institutional mission whereas its subject matter is the way in which the organization has obtained and invested its resources. The financial reporting of nonprofit organizations describres how the residual income is determined by the composition of different activities or defined on the specific characteristics of nonprofit organizations. The importance of accountability and a detailed explanation of financial reports is also given in the artickle.
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