Particularities of Accounting for NFP Agency Transactions in China
Journal Title: Scholars Journal of Economics, Business and Management - Year 2016, Vol 3, Issue 3
Abstract
The purpose of this short communication is to identify the particularities of accounting for NFP agency transactions in China compared with the U.K. and the U.S. An additional purpose is to find insightful examples of NFP agency transactions in order to consider correct practices. This short communication relies on the accounting standards of three countries as well as Chinese academic literature. In China, NFPs must recognize agency assets and agency liabilities in a manner different from the U.K. and the U.S. Some of the differences in accounting for agency transactions between the three countries are due to the difference in the degree of importance the regulators in each country place on liabilities. The differences in control over agency assets are also a source of difference for accounting practices. Consideration of accounting for NFPs in China will help other Asian countries to establish or improve their accounting regulations for NFPs. Keywords: Accounting, NFP, Agency transaction, Agency asset, Agency liability, China
Authors and Affiliations
Fuminobu Mizutani
Keywords
Related Articles
- EP ID EP383588
- DOI -
- Views 86
- Downloads 0
Discussing about Ethical Issues from the Consumers' Perspective
Abstract:Counterfeiting, which not only infringes on the intellectual property rights of the original creators and causes financial losses, but also causes huge social costs and affects the economic development. However,...
Performance Target Setting and Employee Service Delivery at Kirinyaga University, Kenya
Abstract:Organizationsare eager to monitor and increase the productivity of their employees. One such means with the potential of increasing service performance and delivery is performance contracting. Performance contra...
Effects of Maintaining Competitiveness through Strategic Alliances: A Case of Rongo University College, Kenya
Organizations have been able to get competitive advantage through strategic alliances however; the alliance needs to be carefully crafted for it to realize the expected benefits to both partners. The study sought to dete...
Work Related Stress: Its Sources and its Impact on the Productivity of Employees at Dubai Hospital
Abstract:The purpose of this research paper is to explore the sources of work related stress and its impacts on the productivity of Dubai hospital staff. This paper is an exploratory investigation using a questionnaire t...
Computer Auditing in Nigeria: History, Challenges and Prospect
Abstract: This paper examines the principal methods of sophisticated computer auditing and sets out the relationship between computer technology and the effectiveness of audit firm in Nigeria using five (5) manufacturin...