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

INTRODUCTION Nonprofit Organizations (NPOs) in India play an grave character as wear round agents for friendly and economic farmment. As they command substantial resources, their pecuniary performance measurement and reportage is a major concern. In the absence of a wiz regulatory authority and particular proposition method of report standards for NPOs, the practices of method of invoice and reporting vary crosswise organizations. base on an searching study, this subject documents the status on requirements of accounting and reporting vis-à-vis the rate of flow practices of NPOs, identifies the gaps, and proposes an action plan to link up the gaps. The study classifies the gaps in accounting and reporting under abstract and institutional frameworks. In recite to bridge the gaps in the abstract framework, the paper recomm completions the need for exploitation a uniform accounting and reporting system for on the whole NPOs. This should start with conceptualizing the information needfully of the stakeholders and end with conceptualizing appropriate pecuniary statements to meet these needs and, in the process, decompose any equivocalness in the accounting give-and-take of detail transactions. At an institutional level, the paper suggests consultative processes among diverse stakeholders to develop the proposed system and recommends a need for amendments in conglomerate acts to implement it. Nonprofit Organizations (NPOs) provide historic services throughout the world. Their range covers inter alia, health and welf atomic number 18, 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 employment of coercion, (3) they ferment without distributing profits to shareholders, and (4) they personify without simple and clear lines of will power and obligation (Keating and Frumkin, 2001). In India, the state vie a dominant role in the process of economic and social development later emancipation in 1947. NPOs also emerged soon after liberty as many pursuit of Mahatma Gandhi established voluntary... the athour has got a large fellowship of the accounting policies though this entiry is related to india ,it brough forward actually priggish point to depend about this shows amt of research through in this field. the display presumption in this probe is really right(a) .....that covered all the measures . and essay is nicly formatted though its big If you want to accept a full essay, invest it on our website: Ordercustompaper.com

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