Religious reporting: is it the gospel truth?

Article Abstract:

The financial reporting and uses of funds by religious and charitable organizations are discussed. Emphasis is on the Evangelical Council for Financial Accounting (ECFA), a self-regulatory agency founded in 1979 to establish standards for financial accounting by religious organizations. The bylaws of the ECFA require that its members have an independent audit performed annually, and that the members make this audit available on request. Accounting data from 188 ECFA members were examined. The results of the study indicate that religious organizations have made progress in improving the quality of their financial reports, but that further efforts are needed to standardize reporting procedures, especially in the areas of classification of activities, debt management, and support expenditure management.

Religious institutions, Religious organizations, Evangelical Council for Financial Accountability

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Church reporting made easy: a controller brings business accounting to a nonprofit organization

Article Abstract:

Skilled management accountants have the ability to express financial information in a clear, easily understandable fashion. This skill can be of great use to nonprofit organizations such as churches and church-affiliated bodies. Management accountants who opt to volunteer their services to such nonprofit religious organizations should consider several factors when asked to help in preparing financial reports. Among the crucial questions they must answer before beginning their task would be to determine to whom the report is addressed to, what has to be communicated in the report and how the information is to be presented to its intended audience. Once these questions are settled, reports can be prepared with an eye to simplicity and clarity.

Religious, Grantmaking, Civic, Professional, and Similar Organizations, Nonprofit Institutions, Nonprofit organizations

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Professional competence: an integral part of ethical conduct

Article Abstract:

The National Association of Accountants have developed standards for ethical conduct which support the idea that professional competence is an important aspect of ethical conduct. The standards reveal that management accountants should: maintain appropriate professional competence; perform duties following rules, regulations and standards; and create complete and clear reports after appropriate analyses of important and reliable information.

Laws, regulations and rules, Business ethics, National Association of Accountants

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