Non Financial Reporting

Topics: Annual report, Financial statements, Balance sheet Pages: 12 (4071 words) Published: April 6, 2013

MMPA 516

Name: Rajat Chawla
Student ID: 300256730

Executive Summary………………………………………………………………………….. i Table of Contents…………………………………………………………………………… ii Introduction
Pros of SSP reporting
Cons of SSP Reporting
Challenges communicated to Stakeholders
What stakeholders are getting now?
Stakeholders benefit from the changed reporting
Recommendation measures to use
Reporting through other means
How Proposed Recommendations will better meet the challenges of Wellington Free Ambulance

An organisation is accountable to its stakeholder about its performance each year. Financial statement records serves as the driving force in understanding how well the company is faring and how much it has improved over the last years by comparing its data with previous years report. Financial information is more valuable for companies whose motive is to maximise profit and satisfy its shareholder. Such kind of information is valuable but it does not provide information especially non-financial on its outputs. Wellington free ambulance is a not-for-profit entity and whose aim is to provide better patient experience and take care of them. Wellington free ambulance objective are not about increasing net worth which makes the entities non-financial information of higher interest than the financial statement for its stakeholders is utilised. Statement of service performance reports on the goods or services an entity has supplied. An entity SSP provides statistics on an entity’s performance and how the entity’s existence and operation affect the community. For not-so-profit organisation it can be used to demonstrate accountability for the use of resources or compliance with legislation, regulation or contractual agreements.

Financial statements assist in assessment of which organisations are achieving its aim. For organisations like Wellington free ambulance situation is different as their aim is to improve the wellbeing of the community’s biggest advantage is that it helps in providing information on output delivery performance’s helps in allowing external stakeholders to make informed judgements about an entity’s achievements with public resources. * The WFA website doesn’t give you clear ideas and full information regarding things you want to do if you want to join WFA and how they react to situations and how they go about their business. SSP can help in using Key performance indicators stakeholder can see how WFA is performing. SSP can help in developing ex-post reporting for the outputs delivered as promised * WFA had an operating deficit and it does not give much information about how the funds are used SSP can help find that out by doing internal and external benchmarking and trying to improve the system. * Most of the individuals don’t understand the financial statement especially for a non-profit organisation it’s hard for people to know how the entity is performing. SSP can provide revealing non-financial information which can give a more clear picture how WFA is achieving its objective and with SSP reporting each year people can easily identify the areas where WFA is continuously making progress and areas where they need to develop SSP reporting will provide a more structural framework through which to communicate. Wellington Free Ambulance can be an example to other non-profit organizations in the quality and their way of reporting. An effective SSP promotes performance improvement and more informed organisational decision making. Commitment to SSP has benefits providing clarity in target development. An SSP will allow Wellington Free Ambulance to align their reporting with St. Johns and other primary health organisations that have a...
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