APPROACHES TO TRANSITION TO NEW NATIONAL ACCOUNTING STANDARDS IN NON-PROFIT ORGANIZATIONS

Apart from the two sectors of social life, public and private sectors, clear signs of a genuine global associative revolution have recently been identified which generated the emergence and rapid expansion of a third sector - the non-profit sector. Being a mediator between the private and public sectors, the third sector includes non-profit organizations. No matter how much extensive they are, the empirical and theoretical knowledge of them is critically reduced. The systematic study of non-profit sector has been initiated only in the last two decades, especially because of acute shortage of information, data, or even distorted information. Among the myriads of changes to legislation on accounting, it is necessary to estimate the general accounting adjustment, including non-profit organizations accounting for differences between the provisions of the new NAS and those applied until the transition date. This article will address recommendations for non-profit organizations to form accounting policies, to elaborate working charts of accounts, to identify differences in the recognition of accounting elements, to identify differences in the evaluation of accounting elements, to transfer accounting balances, applied until the date of transition to the new National Accounting Standards (NAS), to the new accounts.