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Can sector-specific standards enhance the comparability of Third sector organisations' financial statements?

Third Sector Review
Volume 20 Issue 2 (Dec 2014)

Abstract: This paper examines the potential for sector-specific financial reporting standards to enhance the comparability of third sector organisations' (TSOs') financial statements. It draws on sixty-five interviews and an analysis of reporting standards to highlight two key problems that impair the comparability of TSO financial statements under sector-neutral standards - disclosures concerning donated PPE and fund accounting. The findings reveal that sector-specific standards can improve report comparability by providing TSOs with contextual examples and an appropriate definition of control. Further, this study extends the literature by illustrating some limitations to how well sector-specific standards can enhance comparability and protect the public interest. These findings are of relevance to financial reporting standard setters and countries that are grappling with how to address third sector comparability.

To cite this article: Sinclair, Rowena; Northcott, Deryl and Hooper, Keith. Can sector-specific standards enhance the comparability of Third sector organisations' financial statements? [online]. Third Sector Review, Vol. 20, No. 2, Dec 2014: 27-55. Availability: <http://search.informit.com.au/documentSummary;dn=956682459449967;res=IELAPA> ISSN: 1323-9163. [cited 29 Apr 17].

Personal Author: Sinclair, Rowena; Northcott, Deryl; Hooper, Keith; Source: Third Sector Review, Vol. 20, No. 2, Dec 2014: 27-55 DOI: Document Type: Journal Article ISSN: 1323-9163 Subject: Financial statements--Standards; Nonprofit organizations--Law and legislation; Neutrality; Public interest; Peer Reviewed: Yes

Database: APAFT