Study of Non-Profit Accounting: Financial Reporting Requirements In the Banking Industry

Non-profit organizations work with the aim to turn our society into a better place. Just like any business organization, the NGOs also need to maintain and update their accounts regularly. Since there are no commercial owners for non-profit organizations, the monetary requirements are met by the funds which come from contributors, membership fees, private and public grants, revenues from different programs, fundraising events, etc.

When it comes to the banking sector, preparation of financial reports is very crucial. The financial report helps to stabilize the finances of an organization. Keep on reading to gain more insight.

What is Non-Profit Accounting?

Non-profit accounting is a unique system to record the business transactions of non-profit organizations. Given below is a list of features that sets Non-Profit Accounting apart from other organizations:

• Net assets: NGO’s do not have a list of investors. When it comes to the entries in the Balance Sheet, equity is replaced by net assets.
• Financial statements- There are many differences between the financial statements of for-profit and non-profit entities. NGO’s do not need to maintain an income statement, but it is a must for the for-profit organizations. Statement of activities is essential for the non-profits, but it can be exempted by the for-profit organizations. Also, there is no statement of stockholders’ equity when it comes to the non-profit financial statement.  
• Programs- Programs are the services provided by non-profit organizations. Separate accounts are created for different programs. By keeping a record, the expenses and revenues related to those programs can be monitored.

Financial Reporting in the Banking Industry and its Requirements

Banks operate differently in comparison to other commercial entities and this is why they are considered to be unique. As there are special needs for financial reporting, many disclosures are involved. These requirements can seem to be a bit unusual when compared to other commercial entities.

Depending on the bank’s operations, its unique characteristics and considering its role in keeping the confidence of the public in the nation’s monetary system, a handful of disclosures are mandatory.

When it comes to the banks, any or all of the accounting policies should be disclosed:

• The accounting policies that identify major types of income.
• Accounting policies that deal with securities and the valuation of investments.
• Accounting policies that explain the foundation to decide and keep aside sums for the general banking risks.
• Policies that lay forth the foundation to determine the provision for the losses that are likely to happen on the loans provided.
• Accounting policies that describe the difference between transactions and the proceedings that occur due to the identification of liabilities and assets.

Apart from these, some other requirements include the statement of the bank’s comprehensive income, balance sheet, bank’s cash flow statements, etc.

To know all about the requirements, it is always suggested to follow the latest standard of financial reporting.

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