Australian not‐for‐profit sector views on the conceptual framework, accounting standards and accounting information. (13th February 2020)

• Record Type: Journal Article
• Authors: Kober, Ralph; Lee, Janet; Ng, Juliana
• Is Part Of: Accounting and finance. Volume 61:Number 1(2021)
• Page Start: 1105
• Page End: 1138
• Publication Date: 2020-02-13
• Subjects: Accountability -- Accounting standards -- Conceptual framework -- Financial information -- Not‐for‐profit sector; Accounting -- Periodicals; Finance -- Periodicals; 657.05
• DOI: 10.1111/acfi.12605
• Languages: English
• ISSNs: 0810-5391

Abstract

Abstract: In this paper, we examine the conceptual framework, accounting standards and accounting information relevant to the not‐for‐profit (NFP) sector. Based on the responses of 242 Australian NFP managers, we find support for the inclusion of accountability in the conceptual framework, and for a common set of accounting standards across NFP and for‐profit sectors with additional standards or paragraphs to recognise NFP specific issues. Respondents also rated information within general‐purpose financial reports to be useful for decision making within their organisations. We offer suggestions as to what our findings mean for the development of accounting standards for the NFP sector.