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User Requirements for Not‐For‐Profit Entity Financial Reporting: An International Comparison
Author(s) -
KILCULLEN LYDIA,
HANCOCK PHIL,
IZAN H. Y.
Publication year - 2007
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2007.tb00451.x
Subject(s) - clarity , accounting , business , not for profit , profit (economics) , accounting information system , accounting management , financial accounting , international financial reporting standards , accounting standard , finance , economics , biochemistry , chemistry , microeconomics
This study investigates the not‐for‐profit (NFP) external financial reporting regulatory environments of the US, the UK, Canada and New Zealand and compares them with that of Australia. It finds a lack of clarity in the definition of a NFP entity under Australian accounting standards. The study also identifies various types of information that earlier research and the guidance in other countries suggest are useful to the users of NFP entities' financial statements. This information is not currently required under Australian accounting standards.