A thorough understanding of the financial reporting cycle is critical for not-for-profit (NFP) controllers, as it enhances their capacity to oversee the organization’s financial health, maintain compliance, and facilitate strategic decision-making. It also ensures transparency and accountability to key stakeholders, including donors, board members, and regulators.
Additionally, familiarity with the reporting cycle is vital for users of financial statements to interpret the information accurately. It provides clarity regarding the timing and relevance of financial information and enables informed evaluation of