Understandability and Transparency of the Financial Statements of ...

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List of Tables Table 2-1 Proposed Tiers of Accounting Standards to PBE Sectors (Cordery & Sinclair, 2009) ............................................................................................................................... 32 Table 3-1 2004 proposals (Ministry of Economic Development, 2004b) ...................... 50 Table 3-2 MED 2009 proposals (Accounting Standards Review Board, 2009) ............. 50 Table 4-1 Naturalistic Axioms (Lincoln & Guba, 1985, p. 37) ...................................... 70 Table 4-2 Document review grades ................................................................................ 75 Table 4-3 Number of interviews ..................................................................................... 78 Table 4-4 Criteria for Small, Medium and Large Charities (MED, 2004, p. 40) ........... 79 Table 4-5 Role of participants ......................................................................................... 79 Table 4-6 Contrasting Positivist and Naturalist evaluation (Benson-Rea, 2006) ........... 93 Table 5-1 Charitable stakeholder groups ...................................................................... 103 Table 5-2 Typology of charitable stakeholders (Flack & Ryan, 2004)......................... 104 Table 5-3 Levels of assurance (Cordery & Sinclair, 2009) .......................................... 114 Table 5-4 Concepts of Accountability .......................................................................... 123 Table 5-5 Aspects of Charity Accountability................................................................ 123 Table 9-1 Charitable Accountability Model ................................................................. 213 Table 9-2 Charitable stakeholder groups ...................................................................... 214 Table 9-3 Accountability Typology .............................................................................. 214 List of Figures Figure 5-1 Governance Framework (IFAC, 2009) ....................................................... 120 Figure 6-1 Dimensions of Accountability ..................................................................... 126 Figure 6-2 Dimensions of Financial Accountability ..................................................... 127 Figure 7-1 Dimensions of Fiduciary Accountability .................................................... 154 Figure 7-2 Ownership structure of 139 On Union Limited........................................... 159 Figure 8-1 Dimensions of Accountability ..................................................................... 179 Figure 8-2 Proposed Performance Accountability Framework .................................... 189 Figure 9-1Performance Accountability ......................................................................... 215 x
Abbreviations AASB Australian Accounting Standards Board ACIE Association of Charity Independent Examiners (England) ANGOA Association of Non-Governmental Organisations of Aotearoa (New Zealand) ANZTSR Australia and New Zealand Third Sector Research ASB Accounting Standards Board (England) ASRB Accounting Standards Review Board (New Zealand) ATO Australian Taxation Office AUD Australian Dollar AUTEC Auckland University of Technology‟s Ethic Committee (New Zealand) BBB Better Business Bureau (USA) COGS Community Organisation Grant Scheme (New Zealand) CUAP Committee on University Academic Programmes (New Zealand) DGR Deductable Gift Recipient (England) DIAS Disability Information Advisory Service (New Zealand) ED Exposure Draft FRSB Financial Reporting Standards Board (New Zealand) GAAP Generally Accepted Accounting Practice GBP Great British Pound HMRC Her Majesty‟s Revenue and Customs Agency (England) IASB International Accounting Standards Board ICAA Institute of Chartered Accountants in Australia ICNPO International Classification of Non-profit Organisation IFAC International Federation of Accountants IFRS International Financial Reporting Standards ImpACT Improving Accountability, Clarity and Transparency (England) IPASB International Public Sector Accounting Standards Board IPSAS International Public Sector Accounting Standard IRS Internal Revenue Service (USA) JHCNSP Johns Hopkins Comparative Nonprofit Sector Project (USA) MED Ministry of Economic Development (New Zealand) NFP Not-for-profit NFPFRG Not-for-profit Financial Reporting Guide (New Zealand) xi
Page 1 and 2: Understandability and Transparency
Page 3 and 4: CHAPTER 2: REGULATORY & CONCEPTUAL
Page 5 and 6: 4.3.3 Axiom 3 - The possibility of
Page 7 and 8: 6.6 Summary .......................
Page 9: Appendix One - Statement of Financi
Page 13 and 14: Related Research Outputs The follow
Page 15 and 16: Acknowledgements My journey through
Page 17 and 18: Abstract Access to charities‟ fin
Page 19 and 20: CHAPTER 1: INTRODUCTION 1.1 Introdu
Page 21 and 22: More importantly the study will loo
Page 23 and 24: Unerman and O‟Dwyer (2008, p. 801
Page 25 and 26: adopted here is clarified, as the l
Page 27 and 28: March 1999. Further, a study by the
Page 29 and 30: those by: Vatter (1947); Anthony (1
Page 31 and 32: CHAPTER 2: REGULATORY & CONCEPTUAL
Page 33 and 34: (k) The erection, laying out, maint
Page 35 and 36: Before looking at the legal structu
Page 37 and 38: 2.3.4 Problems As with charity nome
Page 39 and 40: yet to be determined. This ensures
Page 41 and 42: per annum (Charities Commission, 20
Page 43 and 44: certain cases there will be concept
Page 45 and 46: The focus of the Charities Commissi
Page 47 and 48: Unlike incorporated societies, the
Page 49 and 50: 2.4.4.4 Future conceptual framework
Page 51 and 52: problems with New Zealand‟s regul
Page 53 and 54: This research seeks to identify if
Page 55 and 56: charities” (Charity Commission, 2
Page 57 and 58: statements in different documents t
Page 59 and 60: seek to identify whether a lack of
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In the international arena transpar
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elevance is compromised. The link b
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3.2 Complexities in Charities’ Fi
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3.2.1 Accounting basis The „Accou
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application of the appropriate GAAP
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length transaction”. This definit
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There are four arguments against de
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Financial Accounting Standards Boar
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al., 2008; Newberry, 1992; Rees & D
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However, the notion of control is a
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Kilcullen et al., 2007b). Charities
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the amount of money spent on admini
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This research seeks to identify wha
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As a result of the literature revie
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the elements of the world, or rathe
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come about through the mutually sim
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Research reports from other organis
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clearer picture of the interviewee
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In England, Palmer and Randall (200
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APPROACHING PARTICIPANTS Within the
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availability of charities‟ financ
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As credibility was usually achieved
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clarifications. This approach was u
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to understand the meaning behind an
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analysis is both complete and impar
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subjective realities (Chua, 1986).
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To assure the study was dependable
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CHAPTER 5: ACCOUNTABILITY 5.1 Intro
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emphasis on the definition of accou
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supposition was that a lack of resp
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general public (Charity Commission,
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assumes the other is monitoring the
Page 125 and 126:
performance reporting rather than f
Page 127 and 128:
appropriate performance information
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examiners and the Charities‟ Boar
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which was set up in 2003. Charity a
Page 133 and 134:
Western Australia, all financial st
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The fourth level of independent exa
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What are the major areas of concern
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subset of good accountability pract
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Programme refers to a meeting of ob
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ecording property, plant and equipm
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Figure 6-2 Dimensions of Financial
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Because the [charity‟s] finances
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„selling a story‟ makes them fo
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that you can use it [the stove] for
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the organisation pay to have those
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contributors twice - first to fund
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There is a need to record restricte
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charity will have control of a seco
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of accountants involved in Charitie
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their decision making. One auditor
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Whilst the sample in this thesis is
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Another problem my study found was
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framework funders would not be able
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The lack of professionalism must be
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New Zealand‟s charitable purpose
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We have since February of last year
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analysis was done of the first comp
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Also the idea of members „taking
Page 181 and 182:
The transparency of their organisat
Page 183 and 184:
7.3 Monitoring As discussed in Chap
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Zealand] Statistics Department poin
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There was a sub-committee running [
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useful for smaller organisation and
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change and they‟re doing a good j
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problem that you‟ve [pause] we‟
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legislation and monitoring. Of part
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CHAPTER 8: PERFORMANCE ACCOUNTABILI
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In New Zealand both the Controller
Page 201 and 202:
what proportion of their charitable
Page 203 and 204:
None of the above reasons includes
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Charities Commission publication
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achieve an appropriate level of per
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more effectively in order to increa
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eneficiaries‟ needs are met is an
Page 213 and 214:
As well as setting aside reserves,
Page 215 and 216:
The important aspect of the propose
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Mostly they [the funders] are worki
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eyond financial health to include
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8.4.4 Prescribed performance report
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impact they have on their beneficia
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statements, but also other mechanis
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compare different charitable organi
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shock when their accounts are eithe
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9.4 Academic Contribution This rese
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Outcomes (Effectiveness) Figure 9-1
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Charities Register, of which thirty
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success in their activities. For as
Page 239 and 240:
Ahrens, T., & Chapman, C. S. (2006)
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Australian Accounting Standards Boa
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Bradbury, M. E., & Baskerville, R.
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Charities Commission. (2009f). A sn
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commission.gov.uk/Our_regulatory_ac
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Cordery, C. J., & Baskerville, R. (
Page 251 and 252:
Eisenberg, P. (Ed.). (2005). Challe
Page 253 and 254:
Fremont-Smith, M. R. (2004). Pillag
Page 255 and 256:
Hui, D. (2006). Financial Reporting
Page 257 and 258:
http://www.ifac.org/Members/DownLoa
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Maxwell, J. A. (1992). Understandin
Page 261 and 262:
http://www.nzica.com/AM/Template.cf
Page 263 and 264:
O'Sullivan, N., & O'Dwyer, B. (2009
Page 265 and 266:
Robson, C. (1993). Real World Resea
Page 267 and 268:
Television New Zealand (Writer) (27
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Appendix One - Statement of Financi
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Appendix Three - Semi-structured in
Page 273 and 274:
Appendix Five - Participant informa
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Appendix Six - Transcriber’s Conf
Page 277:
Heading 1 Heading 2 Heading 3 Prope
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