The Accounting Research Institute (ARI) and the Registrar of Societies (ROS) have been discussing on a collaborative project in developing an online reporting mechanism for all non-profit organisations and societies who have registered with the ROS.
Today, a group of ARI researchers, headed by Prof Dr Normah Omar made their proposal presentation to ROS Committee. The proposed project is an initiative by ROS and ARI to enpower societies and NPO to submit relevant information through an online mode. The Asia-Pacific Group (APG)on anti-money laundering and anti financing of terrorism in its recent typology report on NPOs has proposed that"Material Information" be made available by NPOs. Such information include (i) Sources of revenue (fees, donations, gifts and fund raising), (ii) Activities of NPOs, (iii) Expenditures and their distribution, (iv) Personnel (members, committee and management),
(v)List and Value of assets and liabilities, (vi) Governance structure and (vii)anti-money laundering and anti financing of terrorism (AML/CFT) policy. ARI's proposed project includes the development of a financial reporting guideline for NPOs, an online financial reporting system, governance structure and training of ROS staff. The pilot version of the system is expected to be ready by early December 2011. An outreach program to explain the proposed system to NPOs in the country will be organized by ROS in due time.