Finance Standards 

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Want to be able to explain them to your entity in a simple way?


How to improve? 

  1. LOOK AT THE ANALYSIS (in the bottom of the page)

  2. FIND KPIS WHICH YOU DON'T FULFILL FOR EACH STANDARDS

  3. IDENTIFY ACTION STEPS HOW TO FULFILL THEM TILL NEXT QUARTER


Accounting

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It is the process of collecting, recording, classifying, interpreting and communicating financial information.

It reveals profit or loss for a given period of time, and the value and nature of a organization's assets, liabilities and equity.

It shows overall wealth, profitability and liquidity (cash-flow).

It shows the resources available, how those resources are financed and the results achieved through using them.

Audit

Systematic examination and verification of an organization's books of account, transaction records, other relevant documents, and physical inspection of inventory by auditors.

The organization's management (VP F and/or MCP) role:

Prepares the financial report. It must be prepared in accordance with legal requirements and financial reporting standards.

Auditors role:

Examine the organization's information, identify and assess risks that can impact financial performance, and review internal controls.

They make a judgement as to whether the financial report as a whole presents a true and fair view of the financial results and position of the organization and its cash flows, and is in compliance with financial reporting standards.

Auditors prepare an audit report stating their opinion

Budgeting

Is an action plan to achieve a set goal, expressed in values and financial terms that has to be achieved in a set time frame and under expected conditions.

Is the numeric translation of our action plan.

It enables:

Financial control of the organization.

Tracking of the organization’s action plan.

Preventive or corrective role in the organization.

Legality

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Operating and behaving according to the national law (e.g. using the right work permits for foreign MC and GT interns, reporting to fiscal authorities, signing contracts for our exchnage partners and out Eps, etc).

Operating and behaving according to the Global Compendium (e.g. fullfilling global membership criteria, having democratic elections for MC).

Establishing internal governance and following it (e.g. having a national compendium, having LCP and EB elections in the LCs).

Ensuring we have external legal advice to protect our entities and the brand(e.g. by having a probono lawyer, inhouse lawyer or a lawyer in the BoA). 

Reporting

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Is providing organized information in the form of a document.

Financial reporting refers mainly to external financial statements (balance sheet, income statement, statement of cash-flows).

Other reports may be monthly, quarter and annual reports (performance and financial) to the national plenary and AI.

Sustainability

“Development that meets the needs of the present without compromising the ability of future generations to meet their own needs” – Bruntland Report for the World Commission on Environment and Development (1992).

“Sustainability is managing the triple bottom line - a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet” – Financial Times.


Overall fulfillment Q3 2016

Which standards does your entity fulfill and which it does not? 

Look at the report!

based on GFB Survey Q3 answers

 

  1. 95,83 % SLOVAKIA

  2. 93,06 % PORTUGAL

  3. 91,81 % NEW ZEALAND

  4. 89,17 % CZECH REPUBLIC

  5. 87,64 % INDIA

  6. 86,94 % CANADA

  7. 85,69 % BULGARIA

  8. 85,00 % AUSTRIA

  9. 84,17 % POLAND

  10. 84,03 % ECUADOR

  11. 82,08 % HONG KONG

  12. 80,56 % CHINA, MAINLAND

  13. 80,56 % UNITED KINGDOM

  14. 79,31 % MEXICO

  15. 78,75 % MALTA

  16. 78,61 % INDONESIA

  17. 78,61 % ROMANIA

  18. 78,61 % OMAN

  19. 78,47 % GREECE

  20. 78,06 % SRI LANKA

  21. 77,92 % HUNGARY

  22. 77,92 % TURKEY

  23. 77,78 % BENIN

  24. 77,50 % SERBIA

  25. 77,36 % SPAIN

  26. 77,22 % NETHERLANDS, THE

  27. 76,53 % URUGUAY

  28. 75,28 % COLOMBIA

  29. 75,28 % CROATIA

  30. 75,14 % BRAZIL

  31. 74,31 % PERU

  32. 73,75 % UGANDA

  33. 73,19 % CAMBODIA

  34. 73,19 % JORDAN

  35. 73,19 % BELGIUM

  36. 73,06 % GERMANY

  37. 72,92 % VENEZUELA

  38. 72,92 % MACEDONIA

  39. 72,36 % ITALY

  40. 72,22 % UNITED STATES

  41. 72,22 % SWEDEN

  42. 71,94 % ICELAND

  43. 71,81 % BOSNIA AND HERZEGOVINA

  44. 71,81 % ESTONIA

  45. 71,81 % SEYCHELLES

  46. 71,67 % RUSSIA

  47. 71,25 % GUATEMALA

  48. 69,65 % EUROPE

  49. 69,58 % ARMENIA

  50. 68,19 % GEORGIA

  51. 68,19 % SWITZERLAND

  52. 67,50 % NIGERIA

  53. 66,39 % PAKISTAN

  54. 66,39 % VIETNAM

  55. 66,11 % AUSTRALIA

  56. 66,11 % PARAGUAY

  57. 65,42 % ARGENTINA

  58. 64,86 % EGYPT

  59. 64,86 % AMERICAS

  60. 64,31 % UNITED ARAB EMIRATES

  61. 63,33 % PHILIPPINES

  62. 63,19 % MALAYSIA

  63. 63,11 % ASIA PACIFIC

  64. 62,78 % FINLAND

  65. 62,78 % MOLDOVA

  66. 62,22 % DENMARK

  67. 62,22 % BANGLADESH

  68. 62,08 % FRANCE

  69. 60,69 % TAIWAN

  70. 60,28 % MOROCCO

  71. 60,00 % GHANA

  72. 59,86 % KENYA

  73. 59,72 % LATVIA

  74. 59,31 % TUNISIA

  75. 58,61 % COSTA RICA

  76. 58,61 % SINGAPORE

  77. 58,61 % RWANDA

  78. 58,06 % BAHREIN

  79. 57,92 % IRELAND

  80. 57,08 % LITHUANIA

  81. 56,94 % AZERBAIJAN

  82. 56,81 % IRAN

  83. 56,67 % NEPAL

  84. 56,53 % TANZANIA

  85. 55,28 % THAILAND

  86. 55,14 % CAMEROON

  87. 54,44 % AFGHANISTAN

  88. 54,04 % MIDDLE EAST AND AFRICA

  89. 54,03 % DOMINICAN REPUBLIC

  90. 53,33 % PUERTO RICO

  91. 52,36 % CHILE

  92. 51,67 % UKRAINE

  93. 51,25 % EL SALVADOR

  94. 51,25 % SLOVENIA

  95. 50,97 % MONTENEGRO

  96. 50,42 % KYRGYZSTAN

  97. 50,28 % SOUTH KOREA

  98. 49,86 % NORWAY

  99. 49,58 % MONGOLIA

  100. 49,17 % SENEGAL

  101. 48,61 % ETHIOPIA

  102. 48,33 % LEBANON

  103. 48,19 % TOGO

  104. 47,92 % COTE D'IVOIRE

  105. 47,92 % LIBERIA

  106. 47,36 % BOLIVIA

  107. 46,39 % ALBANIA

  108. 46,11 % MAURITIUS

  109. 45,83 % JAPAN

  110. 45,69 % GABON

  111. 44,86 % PANAMA

  112. 44,03 % MALAWI

  113. 43,47 % BELARUS

  114. 41,25 % MOZAMBIQUE

  115. 40,69 % NAMIBIA

  116. 40,14 % BURKINA FASO

  117. 37,92 % LAOS

  118. 37,92 % SOUTH AFRICA

  119. 35,97 % NICARAGUA

  120. 31,25 % CAPE VERDE

  121. 29,72 % KUWAIT

  122. 29,03 % MYANMAR

  123. 27,08 % ALGERIA

  124. X % KAZAKHSTAN

  125. X % BOTSWANA

Check them in details!

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