Some of the Issues Government, not-for-profit and business entities have a vastly different purposes and objectives. A government entity is defined by the Australian Business Register (2013), as an organisation that is established by the Commonwealth, a State or a Territory (whether under a law or not) to carry on an enterprise or established for a public purpose by an Australian law. While, Chang & Tuckman (1994) describes notfor-profit entity as a form of entity that does not operates for profits, all of the income of a not-for-profit entity is used to persuade the entity's objectives. On the other hand, business entity is also known as for-profit entity and as the name says, its main objective is to generate profit for its owners, investors and shareholders. The main objective of financial reporting is to provide information about the entity’s performance (Granof & Wardlow, 2011) by providing its income, expenses, profit, asset, liability and equity. However, because of the different purpose and objectives
of Government, Not-for-Profit and Business entities, as outlined