A Charles Darwin University student hopes to deliver a fresh approach to standard financial reporting that places greater emphasis on Indigenous cultural values.
PhD candidate Ellie Norris said her research would explore the meaning of accounting in an Indigenous not-for-profit setting, and to capture some of the reporting experiences of Indigenous organisations.
“The purpose of financial reporting is to disclose information to meet the needs of stakeholders, however some of the standards developed to achieve consistency do not allow for cultural perspectives,” Ms Norris said.
“Indigenous cultural values don’t always align with Western accounting principles. The protection of cultural heritage and traditional knowledge is not something that is readily measured in financial terms.
“For example, ceremonial artefacts, artworks, or some other cultural asset of great value to an organisation, is not necessarily an asset that an accountant can report on the balance sheet.”
Ms Norris said that if current reporting methodology specified by accountants or regulators was deficient, it was reasonable to ask what reporting would look like if created by Indigenous organisations.
“I’ll explore whether conventional accounting standards should be adapted for Indigenous cultural values and explore stakeholders’ financial and non-financial information needs,” she said.
