Which of the factors
indicate the diversity in
accounting practices
being followed by the
NGOS?
Existence of registered NGO
Adoption of same bases of
accounting
Lack of awareness on
applicability of accounting
standards
Applicability of Common
Accounting Standards
Submit
Answers
Answer:
NGOs are very old development institution that is contributing towards the development of third world economy. Now-a-days the function of NGOs is not limited to within the same geographical limit of any country. Due to globalization some NGOs operate in the other countries. But their financial reporting inevitably is somewhat specialized in nature. In Bangladesh different NGOs using different method of accounting and reporting system due to lack of accounting and financial reporting standards, hence the comparison among the NGOs isn’t possible. As there is no IAS/IFRS it is very difficult to follow a common standard in generation and presentation of accounting and financial information. This paper tries to demonstrate financial reporting and accounting system of a BRAC’s micro finance program and provide a guideline for constituting suitable financial reporting and accounting systems for NGOs. The article elaborates on basis of preparation of financial statements, some contradictory issues of NGOs in relation to commercial enterprise, reporting procedure and then followed by accounting systems of area office, regional office and head office of that project. The final part of the article discuses issues relating to financial report and financial transparency of the project.
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