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Accounting for NGOs, Compliances and Deviations
Dr. Laxmikantham Padakanti,
Addis Ababa University Ethiopia
ABSTRACT: A field investigation as to the compliance of the NGOs of Ethiopia with the GAAP locally enforced legal stipulations and the FASB Standards reveals that there are many deviations. The nomenclature of the Statement of Activities as adopted by the NGOs are varied and rarely uniform. Further, the field investigation reveals that out of 31 NGOs only 12 prepare Balance Sheets and even the balance sheets prepared by them are not containing the vital information about depreciation in case of 4 NGOs. With regard to the Statement of Cash Flows (FASB Standard No.117) none of the 31 NGOs prepare them. Thus, the field survey reveals that there are significant deviations when compared with the accounting standards resulting a poor disclosure and transparency.
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