Public Interest Accounting in Charities Essay

This essay sample is on Public Interest Accounting in Charities for Singapore students. Here we will cover What is Public Interest Accounting?, the Role of Public Interest Accounting, etc.

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Introduction- Public Interest Accounting in Charities Essay

This topic is a fairly important one for students of accounting as one might have guessed. nevertheless, this topic is quite important in general as well.

Moving on, we will be looking at this concept in detail. We shall be trying to provide readers with a clear picture of the concept. Therefore we shall be dividing the essay into different sections. So without further adieu, we shall start with the definition of it as it is important to understand before moving any further:

Main body- Public Interest Accounting in Charities Essay

What is Public Interest Accounting?

However, It is a bit more complicated than this. Moreover, as the name suggests this type of accounting does concern public interest rather than the usual profit-based form. Nevertheless, the technical definition of the same is as mentioned below:

 Public interest attempts to reflect the relations between accounting and unequal social issues in order to solve them.

In addition, this type of accounting is highly influenced by social theories. For instance theories by the likes of Marx, Gramsci, Foucault, Bourdieu, Said, among several others. Moving on, in the next section of the sample essay. We shall be looking at its role in charities.

The Role of Public Interest Accounting

We all know what charities mean. In addition to their noble mission, the nature of charities resides in their name. In other words, charity organizations receive a large number of fundings. For this reason, accounting is involved in charities.  As we already know, accounting is all about managing funds and capital regardless of nature.

Consequently, charities fully depend on fundings in form of “charity”. So they need some form of accounting to handle this capital. This is because it will help them with planning for the effective use of funds. Speaking of which, since charities are non-profitable organizations in singapore, we can relate them to accounting. This is because charities huge revolve around public interest, rather they are a large part of public interest.

So accounting involved in charities needs to be public interest-based. This fulfills the needs of charities as well as the public interests. Moving on, we shall be looking at the standards for charities in the city-state of Singapore, in the next section of the sample essay.

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Conclusion:

It  is a growing trend in charities. In an age where donors are more interested than ever in ensuring that they’re giving to singapore organizations with high impact, this accounting can help assure them they’re getting what they want and deserve from their donations.

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