Guidance provided by the Australian Accounting Standards Board for not for profit entities: does it result in information that meets the needs of users

Lydia Kilcullen

Research output: ThesisDoctoral Thesis

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Abstract

[Truncated abstract] How and what Australian Not For Profit (NFP) entities should disclose to stakeholders about their activities, including their use of resources and their success in meeting organisational objectives, has been the subject of discussion in recent times through government inquiries, public commentary and reports by professional accounting bodies. External financial repOlts, which include the disclosure of financial information and results of the performance of management, are a source of information about NFP entities. In Australia, guidance on the preparation of external financial reports is provided by the Australian Accounting Standards Board (AASB), which is responsible for developing, issuing and maintaining accounting standards on a 'transaction neutral' basis. The guidance given is on the treatment of particular types of transactions as opposed to standards specific to a paIticular sector, for example, the private, public or NFP sector. This policy has been in effect since 2000 and was maintained in 2002 when the AASB announced that from I January 2005 all Australian reporting entities, i'Tespective of size, industry or sector, would be required to adopt the [ntemational Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (lASB). The objective of external financial reports under the [FRS as issued by the AASB is to provide a specific set of infonnation to users to assist them in making economic decisions and to assess the accountability of management in protecting the entity's assets. The [FRS were developed specifically for the For Profit (FP) private sector. The ability of standards developed for a particular sector to meet the needs of users from another sector has been questioned by commentators and researchers. The purpose of this thesis is to investigate the extent to which the guidance issued by the AASB meets the needs of users of external financial reports ofNFP entities.
Original languageEnglish
QualificationDoctor of Philosophy
Publication statusUnpublished - 2011

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