MAA261 Lecture Notes - Lecture 10: Corporate Social Responsibility, Financial Statement, Revenue Recognition
Document Summary
Nfp = organisations that are prohibited from distributing profits to owners, members of other groups of individuals. An entity whose principal objective is no the generation of profit. Understand key differences in the principal objectives for-profit and nfp entities. Generate goods and services for their beneficiaries. Beneficiaries = the individuals or groups that these organisations seek to help. E. g. the beneficiaries of the salvos are the homeless people that receive shelter from the organization. Nfp organisations can be classified as: private sector nfp = charities, sports clubs, places of worship, private educational institutions, trusts etc, public sector nfp = council, state and federal gov. departments. Understand key differences between a nfp and a charity. Charity = type of nfp that pursues a charitable purpose for the benefit of the public. All charities are nfps but not all nfps have a charitable purpose. Explain the significance of the nfp sector to the australian economy.
