Standardization of Third-Sector Organizations Reporting through Regulatory Frameworks in Malaysia

• Published in: Pakistan Journal of Life and Social Sciences
• Main Author: Rahmat N.E.; Mahamud M.H.; Razak M.U.; Billah M.
• Format: Article
• Language: English
• Published: Elite Scientific Publications 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85203558154&doi=10.57239%2fPJLSS-2024-22.2.0091&partnerID=40&md5=c57a9af443561d7589c9189359ff2ff4

The nature of the third sector is a sector that needs to show that they are accountable to their stakeholders. Consequently, reporting is acknowledged as a medium to showcase accountability. Different agencies regulate Malaysian third-sector organizations in Malaysia based on their legal forms and varying activities or functions. This makes the reporting by the third sector non-uniform and has various forms and characteristics according to the organization’s needs. Nevertheless, can the different rules governing organizations with the same objective effectively provide the accountability information the stakeholders need? This study provides an overview of the Malaysian third-sector regulatory landscape, examines the operational challenges caused by the multiple regulator environments, and compares the reporting regulations of the third sector in Malaysia and other countries. The results of this study give the impression that the reporting regulation of the third sector in Malaysia requires a uniform legal framework so that this sector can be regulated effectively for the sake of the stakeholders. This study benefits various stakeholders and third-sector organizations. It becomes a benchmark for a more systematic and uniform reporting law for a more dynamic and competitive future of third-sector study. © (2023), (Elite Scientific Publications). All Rights Reserved.