Guide to Understanding Financial Statements
The Registered Organisations Commission (ROC) has released a guide to assist members navigate and understand the financial reports of their own organisation.
ROC is inviting organisations to promote the guide to members as a way of encouraging them to participate in the affairs of their organisations and to further open up their understanding of how their organisations are performing, as well as a way of further fostering a culture of transparency and accountability to members.
The guide provides a range of information to assist members including accompanying fact sheets, glossaries, sample statements, explanations of some key financial ratios and overviews of key accounting concepts.
A link to ROC’s media release can be found here.