New aspects of accounting for special purpose funds in noncommercial organizations

Abstract

Special purpose funds are the main source of funding for non-commercial organizations. These funds are received from contributors and are intended for carrying out special missions (projects/programs). This article examines the following main issues regarding the accounting of special purpose funds: - identification of special purpose funds and their distinction from other sources of funding of the noncommercial organization; - recognition and assessment of special purpose funds according to their intended use; - accounting of unused special purpose funds; - accounting of exchange rate differences and interest related to special purpose funds; - presentation of information related to special purpose funds in financial statements of non-commercial organizations. Solving these problems will ensure control of the integrity of special purpose funds and the truthful presentation of their related information in financial statements.