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Need for Financial Accounting Standards for NPOs in Nepal

To date, comprehensive guidelines on accounting issues unique to Not for Profit Organizations have yet to be developed at the international level. Some pronouncements made by standards-setting bodies covering NPOs have been developed in the United States and China. In India, the Technical Guide on Accounting and Auditing on NPOs has been issued by the ICAI. However, many other countries are either practicing de-facto standards for NPOs or implementing the current pronouncements in their respective countries to NPOs which may or may not be totally apt for use in these types of organizations. Although all accounting applications are based on the same set of principles, integrating the specifications and particularities of the NPO community into the practice of accounting is vital to a uniform interpretation and analysis of financial reports across the sector.  (Source: Non-Profit Sector Accounting: Issues and Recommendations from Asia Pacific Societies, 2006) What about Nep...

Have you thought about your Financial Strategy? Every Nepali must read this

In celebration of CFP Board's 25 years, CFP Board's Consumer Advocate, Eleanor Blayney, CFP® rolled out a series of 25 relevant and timely tips and strategies for the five key milestone phases in a person's life. Presented in a multimedia format, tips were released each month from August to December 2010. Stage 1 – The Starting Out Years Age range: 18-25 These are critical years, where your choices about education, employment, and debt management can have a major impact on your financial situation for decades to come. Stage 2 - The Nesting Years Age range: 25-40 During this phase, you face important decisions about marriage, children, buying a home, and building a career. Understanding the financial implications of these decisions is critical to lifetime success. Stage 3 – The Prime Time Years Age range: 40–55 This is usually the time you find yourself with more discretionary income. But there may be a lot of demands on that income. Advice is needed about...