Thursday, September 29, 2011
Discussions on NPO Financial Reporting with ROS
One of the spinoffs of ARI's paper titled "Non-Profit Organisations (NPOs) as a Medium for ML/TF - Red Flags for Identification" which was presented at the recent IFCTF 2011 conference was an interest shown by the Registrar of Societies (ROS)to develop a code of governance for NPOs. Currently, there are more than 90000 NPOs that are registered with the ROS. A formal development of a code of governance on NPOs is indeed timely. Today, two officers from ROS visited ARI for a preliminary discussion on how ARI and ROS can work collaboratively to develop such code. In addition to the code, it is also necessary for ROS to develop a suitable financial reporting system. The Accounting Research Institute has enough expertise to facilitate the development of such system. The policy development on the governance of non profit organizations in Malaysia is actually one of the major fundamental research projects to be undertaken collaboratively by the Accounting Research Institute with its many strategic research partners: ROS, CCM, FIU and several research institutions dealing with NPOs in Australia, Singapore and the United Kingdom. ARI is targeting to complete the project by the end of 2012.