Wednesday, November 2, 2011

Financial Reporting Framework for NPOs

The collaboration between Accounting Research Institute (ARI) and the Registrar of Societies (ROS) will proceed with both parties working on formulating the Memorandum of Understanding (MOU) and Memorandum of Agreement (MOA). ARI teams will comprise three different but integrated groups, working on developing the financial reporting framework for non-profit organisations (NPOs) who are currently registered with ROS.
In developing the framework, ARI teams will examine current profile of NPOs/societies who are regsitered with ROS. Then the development of (i) NPO governance guideline, (ii) financial reporting guideline and (iii) financial reporting system, an online submission system by NPOs/societies. In preparing the framework, ARI undertakes into consideration all comments and recommendations proposed by the Financial Action Task Force (FATF) and the Asia Pacific Group on anti money laundering. Both ROS and ARI hope to launch the online financial reporting regime by the end of December 2011.

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