Gaps in GAAP: Issues in Nonprofit Accounting and Reporting in India

INTRODUCTION Nonprofit Organizations (NPOs) in India play an heavy quality as flip-flop agents for brotherly and economic farmment. As they instruction substantial resources, their pecuniary performance measurement and account is a major concern. In the absence of a single regulative authority and particular method of account standards for NPOs, the practices of accounting and coverage vary across organizations. base on an exploratory study, this idea documents the status on requirements of accounting and reporting vis-à-vis the current practices of NPOs, identifies the gaps, and proposes an action mechanism plan to tie the gaps. The study classifies the gaps in accounting and reporting under conceptual and institutional frameworks. In order to bridge the gaps in the conceptual framework, the base recomm completions the look at for developing a uniform accounting and reporting system for each(prenominal) NPOs. This should take off with conceptualizing the inf ormation needs of the stakeholders and end with conceptualizing appropriate financial give tongue toments to tolerate these needs and, in the dish up, decompose any ambiguity in the accounting treatment of detail transactions. At an institutional level, the paper suggests consultative processes among various stakeholders to develop the proposed system and recommends a need for amendments in various acts to implement it. Nonprofit Organizations (NPOs) provide important services throughout the world. Their scope covers inter alia, health and welfare, research, education, social organizations, and professional associations. The fundamental features of NPOs are: (1) They constitute to fulfil a charitable purpose, (2) they function without the use of coercion, (3) they ferment without distributing profits to shareholders, and (4) they dwell without simple and clear lines of ownership and obligation (Keating and Frumkin, 2001). In India, the state played a dominant role in th e process of economic and social development! after emancipation in 1947. NPOs also emerged soon after independence as umpteen followers of Mahatma Gandhi established voluntary... the athour has got a vast fellowship of the accounting policies though this entiry is related to india ,it brough forward very priggish breaker point to think about this shows amt of research done in this field. the appearance given in this essay is really right(a) .....that covered all the measures . and essay is nicly formatted though its big If you want to brook a full essay, order it on our website: BestEssayCheap.com

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