2012 Volume 28 Pages 1-12
The line between not-for-profit organizations and business enterprises is not always sharp since the purpose financial reporting and the financial statements in any organization are difference. This means that a spectrum of not-for-profit organizations exist ranging from not-for-profit organizations characteristics to business characteristics. This study aims to examine types of financial statements and their function of not-for-profit organizations. This study states that the objectives of purpose financial reporting and financial statements for a not-for-profit organization should be similar to those of other organizations or business enterprises engaged in similar activities. It is also important to mention that a set of financial statements for not-for-profit organizations consist of statements of financial position, comprehensive income (or changes in financial position), cash flows, changes in equity and management stewardship information to financial statements.
