A study on the national council of welfare and social development Malaysia : the state of financial reporting of charity organizations

2006 ◽  
Vol 3 (2) ◽  
pp. 113
Author(s):  
Radiah Othman ◽  
Jamaliah Said ◽  
Noraini Mohd Nasir
Keyword(s):  
Financial Reporting ◽  
Annual Reports ◽  
National Council ◽  
Charitable Organizations ◽  
Financial Reports ◽  
Non Profit ◽  
Balance Sheets ◽  
External Auditors ◽  
High Staff Turnover ◽  
Time Period

In most countries, companies are required to submit their annual financial reports to the relevant authorities. Similarly, some countrIes require charitable organizations to submit their annual reports to the relevant authorities. In Malaysia, all charity organizations, as part of non-profit organizations, have I to be registered with the Registrar ofSocieties (ROS). As part ofthe legal requirement, these organizations must submit their annual reports, including I their financial reports, to the ROS within the stipulated time period. However, less than 50% of the charity organizations do not do so. Thus this study attempts to determine the current state of financial reporting of the charity organizations in the country and highlight major issues and problems faced by them in preparing the financial reports. It is hoped that the findings of this research would assist the relevant authorities andthe organizations themselves to overcome problems related to the non-submission of annual reports as required by the ROS. Annual reports of 32 charity organizations were reviewed for this study and it was found that there were varying degree ofreporting practices among them. All had submitted their balance sheets, but only 60% presented cash flow statement and only 59% had their financial statement auditedby external auditors. Among the problems faced by these organizations in preparing the financial statements were the lack of skilled accounting staff and high staff turnover. These problems may have contributed to the low number ofcharity organizations submitting the annual reports to the ROS.

scholarly journals Workshop Pembuatan Laporan Keuangan Dasar Organisasi Nirlaba untuk Santri Lembaga Kesejahteraan Sosial Anak (LKSA) Nurul Iman

2021 ◽  
Vol 2 (2) ◽  
pp. 108-116
Author(s):  
Dede Mustomi ◽  
Asep Dony Suhendra ◽  
Khoirul Ulum ◽  
Maria Lapriska Dian Ela Revita
Keyword(s):  
Community Service ◽  
Financial Reporting ◽  
Positive Impact ◽  
Main Theme ◽  
Study Program ◽  
Financial Reports ◽  
Non Profit ◽  
Financial Report ◽  
Non Profit Organizations ◽  
Welfare Institution

ABSTRACT Financial reports for an organization are very fundamental. This is a form of transparency for the finances of an organization, especially for non-profit organizations such as the Child Social Welfare Institution (LKSA Nurul Iman) which is a community service partner this time. We from the Business Administration Study Program, Faculty of Economics and Business, Bina Sarana Informatika University held a community service with the main theme being a Workshop on Making Basic Financial Reports for Non-Profit Organizations for Students of the Child Welfare Institution (LKSA Nurul Iman). The main problem why we raised this theme is because LKSA Nurul Iman touches more on programs that are religious in nature, even though the challenges ahead are more difficult and global so that teenagers who are currently studying must be given general knowledge, one of which is understanding financial reporting. Departing from these problems, we provide a solution in the form of a financial report preparation workshop, where we will describe the steps for making financial reports that are easily understood by their age. The method we use in community service this time is in the form of a workshop by providing examples of how to make basic financial reports and immediately put them into practice so that participants can absorb the material provided. The implementation of community service this time is still online using the Zoom application. The use of the Zoom application is due to the pandemic that has not ended and is still PPKM level 2. The output achieved in this community service is in the form of a Press Release which will be published in online media. Hopefully this activity will have a positive impact where the skills gained can be used in the future for the benefit of the Foundation and become provisions when they apply for jobs or establish an organization.

The Impact of Regulation on the U.S. Nonprofit Sector: Initial Evidence from the Nonprofit Integrity Act of 2004

2011 ◽  
Vol 25 (1) ◽  
pp. 107-125 ◽  
Author(s):  
Daniel G. Neely
Keyword(s):  
Nonprofit Organizations ◽  
Financial Reporting ◽  
Nonprofit Sector ◽  
Reporting Quality ◽  
Charitable Organizations ◽  
Time Period ◽  
Financial Statement Audit ◽  
Before And After ◽  
Financial Scandals ◽  
The Impact

SYNOPSIS: The early 2000s revealed a series of high-profile financial frauds in the corporate and nonprofit sectors. In response to several of these financial scandals, California passed the Nonprofit Integrity Act (NIA) of 2004. This seminal piece of governance regulation sought to increase financial transparency and mitigate fundraising abuses by California charitable organizations. This study examines the characteristics of California charitable organizations before and after the Act to understand the initial impact the Act had on nonprofit organizations. Key findings from the study include limited reported improvement in financial reporting quality and an increase in accounting fees following the implementation of the Act. California nonprofits subject to the Act’s provisions did exhibit an increase in executive compensation following the implementation of the Act; however, the increase was less than that exhibited by the population of nonprofits during the same time period. Overall, the results of this study suggest that the initial impact of regulations similar to the NIA is greatest for organizations that did not previously have a financial statement audit.

scholarly journals PENERAPAN PSAK NO. 45 DALAM PELAPORAN KEUANGAN PANTI ASUHAN YAYASAN ISLAM MEDIA KASIH TAHUN 2017

2020 ◽  
Vol 5 (4) ◽  
pp. 540-550
Author(s):  
Wiladatika Wiladatika ◽  
Yossi Diantimala
Keyword(s):  
Qualitative Analysis ◽  
Research Methods ◽  
Cash Flow ◽  
Financial Reports ◽  
Non Profit ◽  
Balance Sheets ◽  
Analysis Techniques ◽  
Financial Position ◽  
Non Profit Organizations ◽  
Transparency And Accountability

There are lots of non-profit organization needs transparency and accountability in financial reports to engage donors to donate in Indonesia today. To support them, Ikatan Akuntan Indonesia has produced PSAK No. 45 about non-profit organization financial reports. This research placed in Yayasan Islam Media Kasih orphanage that has been one of non-profit organizations. The aim of this research is to identify whether the orphanage has applied PSAK No. 45 in their financial reports. Descripive research methods with qualitative analysis techniques outlines, describe and compare the data. The results showed they not match with the arranging of financial reports based on PSAK No. 45 formats. There are just revenue reports, expense reports, and balance sheets based form their own understanding. The Orphanage does not provide yet the reports o financial position, activity reports, cash flow reports, and the record of financial reports. Preferably, the orphanage provides the financial reports based on PSAK No. 45 to be more transparent and accountable so as to engage the donors.

scholarly journals Adaptasi Laporan Keuangan Pada Entitas Nonlaba Berdasarkan Isak 35 (Studi Kasus pada Universitas Ibrahimy Sukorejo Situbondo)

2021 ◽  
Vol 21 (02) ◽  
Author(s):  
Imro'atun Shoimah ◽  
Siti Maria Wardayati ◽  
Yosefa Sayekti
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
Financial Reports ◽  
Non Profit ◽  
Net Assets ◽  
Double Entry ◽  
The University

This research aims to analyze and adapt the financial reporting of non-profit entities based on Interpretation of Financial Accounting Standards 35 (ISAK 35): concerning the Presentation of Financial Statements for Non-Profit Oriented Entities. Namely the interpretation of the Statement of Financial Accounting Standards 1 (PSAK 1): concerning the Presentation of Financial Statements. For other accounting provisions for non-profit entities, it refers to the Financial Accounting Standards for Entities without Public Accountability (SAK ETAP) and Sharia Accounting Standards (SAS). Qualitative research was conducted with a case study at the University of Ibrahimy Sukorejo Situbondo. The results of this study, it is necessary to change the accrual basis recording method with the double entry system, preparation of adjusting journals to then compilation of financial position reports, comprehensive income reports, changes in net assets reports, cash flow reports and notes on financial reports based on ISAK 35. Adaptation of university financial reports Ibrahimy based on ISAK 35 is carried out by adjusting the required account posts by Ibrahimy University with the accounts stated in the Interpretation of Financial Accounting Standards 35 (ISAK 35)

scholarly journals Research on the Knowledge Association Reasoning of Financial Reports Based on a Graph Network

2020 ◽  
Vol 12 (7) ◽  
pp. 2795
Author(s):  
Zhuoqian Liang ◽  
Ding Pan ◽  
Yuan Deng
Keyword(s):  
Financial Reporting ◽  
Heterogeneous Data ◽  
Annual Reports ◽  
Data Sets ◽  
Complex Data ◽  
Financial Reports ◽  
Generation Algorithm ◽  
Related Information ◽  
Rate Information ◽  
Complex Data Sets

With increasingly strict supervision, the complexity of enterprises’ annual reports has increased significantly, and the size of the text corpus has grown at an enormous rate. Information fusion for financial reporting has become a research hotspot. The difficulty of this problem is in filtering the massive amount of heterogeneous data and integrating related information distributed in different locations according to decision topics. This paper proposes a Graph NetWork (GNW) model that establishes the overall connection between decentralized information, as well as a graph network generation algorithm to filter large and complex data sets in financial reports and to mine key information to make it suitable for different decision situations. Finally, this paper uses the Planar Maximally Filtered Graph (PMFG) as a benchmark to show the effect of the generation algorithm.

scholarly journals Timeliness and Relevance of Financial Reporting in Nigerian Quoted Firms

2017 ◽  
Vol 4 (2) ◽  
pp. 55 ◽  
Author(s):  
John Ohaka ◽  
Fyneface N. Akani
Keyword(s):  
Financial Reporting ◽  
Firm Size ◽  
Stock Exchange ◽  
Secondary Data ◽  
Primary Objective ◽  
Annual Reports ◽  
Board Independence ◽  
Financial Reports ◽  
Relationship Of ◽  
The Relationship

Financial accounting standards emphasize timeliness as one of the key components of decision-driven informationalrelevance. Accordingly, if information is not available as and when due but rather made available so late that it bears novalue for future action, then it is operationally irrelevant. To fulfil their primary objective and be useful, therefore,financial reports are expected to be characterized by relevance, reliability, completeness, and timeliness. Against thisbackground, this study examined the relationship of firm size and board independence respectively to the timeliness offinancial reporting in companies quoted on the Nigerian Stock Exchange (NSE). Secondary data pertaining to the firmswere derived from their annual reports and the NSE Fact Book for 12 years (2000-2011). Analysis of the research datainvolved test of multicollinearity, heteroskedasticity, and autocorrelation; while the multiple regression techniquefacilitated the test of research hypotheses. The results established a significant relationship between firm size andtimeliness of financial reporting; while in the case of board independence, the relationship was not significant.Consequently, it is recommended that regulatory bodies should ensure better of enforcement of standards relating totimeliness so that financial reports of the firms will be of higher value to key stakeholders.

scholarly journals Evolving of Selected Integrated Reporting Capitals among Listed Bahraini Banks

2018 ◽  
Vol 1 (1) ◽  
pp. 15-36
Author(s):  
Husain Alqallaf ◽  
Bahaaeddin Alareeni
Keyword(s):  
Financial Reporting ◽  
Intellectual Capital ◽  
Banking Sector ◽  
Annual Reports ◽  
Integrated Reporting ◽  
Financial Reports ◽  
Reporting Tool ◽  
Implementation Level ◽  
Statistical Variance ◽  
Corporate Financial Reporting

The main aim of this study is to identify the level of implementation of Integrated Reporting (IR) in Bahraini banking sector by measuring disclosure level in the banks’ annual reports. To achieve this, a sample of banking sector was analyzed, thereby evaluated the degree of implementation of this new corporate financial reporting tool through a checklist followed by previous studies. The study considered a sample of 12 listed banks in Bahrain Bourse. Banks financial reports were examined for the two years 2014 and 2015. The results show that, there is an average implementation level of IR 65.54% and 67.79% for the years 2014 and 2015, respectively. The result shows a slight increase in the implementation of IR from 2014 to 2015. This implementation level among banks in Bahrain is considered relatively average (medium). BBK took the top rank with a disclosure percentage of 70.27 % and 75.68 % in both years with a relatively small statistical variance in disclosure has been found between rest of the banks. The study further found that intellectual capital is the most disclosed panel that varied from 64.8% and 72.2% in 2014 and 2015 respectively.

scholarly journals KUALITAS PENYAJIAN INFORMASI AKUNTANSI PONDOK PESANTREN DARUL HIKMAH

2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Fauzi Achmad ◽  
Amor Marunda ◽  
Faroman Syarief ◽  
Raden Achmad Harianto ◽  
Rachmat Pramukty
Keyword(s):  
Financial Reporting ◽  
Financial Management ◽  
Accounting Standards ◽  
Boarding School ◽  
Financial Accounting ◽  
Value Systems ◽  
Community Members ◽  
Financial Reports ◽  
Non Profit ◽  
Lecture Method

Abstract: One source that supports the success of Islamic boarding schools in carrying out development is finance, because the financial sector is a support in the management of education. For this reason, good and transparent financial management is needed, so that the weaknesses and shortcomings of the pesantren can be identified by other interested parties. Islamic boarding school financial reports only present reports of cash receipts and cash disbursements, which are not in accordance with the classification items in accordance with applicable financial accounting standards because the foundation does not recognize accounting standards used as financial reporting guidelines for non-profit entities. Methods of community service activities This method uses lectures or outreach, discussion and learning that are practiced by participants and resource persons. The lecture method is used to convey general knowledge about Islamic boarding school financial reports, SAK ETAP, SAK 45 and SAK Syariah accompanied by a question-and-answer session. The learning method is used to transfer knowledge or skills and value systems owned by resource persons to community members Abstrak: Salah satu sumber yang mendukung keberhasilan pondok pesantren dalam melaksanakan pembangunan adalah keuangan, karena sektor keuangan merupakan penunjang dalam penyelenggaraan pendidikan. Untuk itu diperlukan pengelolaan keuangan yang baik dan transparan, agar kelemahan dan kekurangan para pesantren dapat diketahui oleh pihak lain yang berkepentingan. Laporan keuangan pondok pesantren hanya menyajikan laporan penerimaan dan pengeluaran kas yang tidak sesuai dengan klasifikasi item sesuai dengan standar akuntansi keuangan yang berlaku karena yayasan tidak mengenal standar akuntansi yang digunakan sebagai pedoman pelaporan keuangan untuk organisasi nirlaba. entitas. Metode kegiatan pengabdian masyarakat Metode ini menggunakan ceramah atau sosialisasi, diskusi dan pembelajaran yang dipraktikkan oleh peserta dan narasumber. Metode ceramah digunakan untuk menyampaikan pengetahuan umum tentang laporan keuangan pondok pesantren, SAK ETAP, SAK 45 dan SAK Syariah disertai dengan sesi tanya jawab. Metode pembelajaran digunakan untuk mentransfer pengetahuan atau keterampilan dan sistem nilai yang dimiliki oleh narasumber kepada anggota masyarakat.

scholarly journals REPORTING DISCLOSURE LEVELS AND COMPLIANCE WITH BB, AAOIFI, B/IFRS AND SEC OF ISLAMIC FINANCIAL INSTITUTIONS IN BANGLADESH

2020 ◽  
Vol 4 (02) ◽  
Author(s):  
Md Robiul Islam ◽  
Mohammad Shamsus Sadekin
Keyword(s):  
Financial Institutions ◽  
Financial Reporting ◽  
Compliance Rate ◽  
Annual Reports ◽  
Islamic Banks ◽  
Accounting Standard ◽  
Financial Reports ◽  
Reporting Practices ◽  
Islamic Financial Institutions ◽  
Regulatory Bodies

Compliance with financial reporting guidelines/standards promulgated by Regulatory Bodies has become a crucial issue of the day after a series of corporate debacles over a few years. Regulators, professional bodies and researchers throughout the world have expressed their concern about the need for improved accounting pronouncements and compliance for providing better information than previously required for the preparation and presentation of corporate financial reporting. The present study primarily focuses on the reporting disclosure levels and compliance with Bangladesh Bank (BB) Guidelines, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Accounting Standard, Bangladesh/International Financial Reporting Standard (B/IFRS) and Securities and Exchange Commission (SEC) Rules of Islamic Financial Institutions in Bangladesh. Annual reports of (08) eight Islamic banks in Bangladesh have been examined for the year ending 2015. The results showed that the Islamic banks significantly followed the selected accounting guidelines/standards under review and did bring remarkable changes in the financial reporting practices made by the Islamic banks in Bangladesh. The study attempted to examine empirically the levels of disclosure in corporate annual reports of Islamic banks in Bangladesh. The study recommended increasing the level of compliance to make their financial reports more informative. The study also tries to ascertain the regulatory necessary requirements in preparing the financial statements of banks under Islamic shariah and tries to display the compliance status of these banks with legislations. The average compliance rate is 93.28% for BB guidelines, 46.54% for AAOIFI Accounting Standard, 48.50% for B/IFRS and 51.99% for SEC rules considering all required aspects of financial reports. Compiling all of the requirements regarding financial reports of regulatory bodies will be helpful for banks to make financial reports convenient.

scholarly journals PENYAJIAN LAPORAN KEUANGAN ENTITAS BERORIENTASI NONLABA BERDASARKAN ISAK 35 PADA MASJID BAITUL HAADI

2020 ◽  
Vol 15 (2) ◽  
pp. 113-132
Author(s):  
Sukma Diviana ◽  
Rangga Putra Ananto ◽  
Wiwik Andriani ◽  
Roni Putra ◽  
Armel Yentifa ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
Microsoft Excel ◽  
Financial Reports ◽  
Non Profit ◽  
For Profit ◽  
Financial Position ◽  
Not For Profit

Mosque is an entity that aims not for profit (non-profit entity), so that financial accountability becomes an important aspect for mosques. Good accountability can be realized by presenting the mosque's financial reports in accordance with generally accepted accounting standards. The standard governing the financial reporting of non-profit entities is the Interpretation of Financial Accounting Standards No. 35 (ISAK 35). By implementing ISAK 35 in the presentation of mosque financial reports, interested parties will be able to assess the financial performance of the mosque. The object of this research is Mosque Baitul Haadi. Data were collected through a series of interviews and observations. Until now, Mosque Baitul Haadi only presented financial reports as far as cash in and cash out. This study aims to compile the financial statements of Mosque Baitul Haadi based on ISAK 35 using Microsoft Excel application tools. The financial statements that will be produced are the statements of financial position, comprehensive income statements, cash flow statements and notes to financial reports.

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