algemeen aanvaarde rekeningkundige praktyk vir niewinsgewende

Specific aspects that were addressed and which have led to proposals for typical standards
of generally accepted accounting practice for not-for-profit organisations are the following:
• Presentation of financial statements;
• Reporting on the restrictions imposed by donors on the utilisation of funds;
• Accounting in terms of a cash basis versus the accrual basis ;
• Recognition and measurement of fixed assets and accompanying expenses, such as
depreciation and impairments, as well as the recognition and measurement of inventory;
• Recognition and measurement of income in general, and in particular, recognition of
donations and contributions, “restricted donations received”, and donations “in natura”;
• Performance reporting by not-for-profit organisations; and
• Aspects related to fund accounting.
The core recommendations derive from the position that existing and formal Standards of
GAAP should be used as a basis, and these standards should be modified to deal with the
typical accounting concerns that pertain to not-for-profit organisations. The accounting
profession, not-for-profit organisations, and other stakeholders must take note of the
irrelevance of GAAP for not-for-profit organisations, the accounting problems experienced in
the context, as well as the need for, and the recommendations made with respect to typical
accounting standards for not-for-profit organisations. Like some other countries, South
Africa should also play an active role in developing accounting standards which are
applicable and relevant to not-for-profit organisations.
Key words: not-for-profit organisations, accounting, standards, gaap, GAAP, financial
reporting, financial statements, assets, income.
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