Financial reporting processes within a Maltese band club : a historical note

Abstract

PURPOSE: This study articulates the financial reporting processes of the chosen band club throughout its lifetime. Major milestones resulting from such processes and significant trends within the historical context are conceptualised. DESIGN: A Multi-Method Qualitative approach has been employed to achieve the objectives. Archival research was the primary data collection method which included the financial records of the club between 1890 and 2015 and in instances, committee meeting minutes. Interviews were subsequently conducted with three past treasurers, the present treasurer and a reviser. FINDINGS: The language used in the financial records has changed from Italian to Maltese in 1928 and the researcher identified the ‘Kwistjoni tal-Lingwa’ in Malta as the reason behind such shift. The language of the records changed to English in 2013 as a CPA was elected as treasurer. The presentation of the accounts has moved from a manual one to utilisation of a spreadsheets program and was subsequently upgraded to SAGE. The regularity of reporting has moved on from being a procedure to a way in which the treasurer expresses accountability and transparency to the committee. The role of the reviser has not changed over the years but due to the more complex nature of accountancy brought about by the move to the accruals basis of accounts in 2013, the need for auditors instead of revisers is felt. The interviewees agreed that all financial records are an important part of history and should be preserved. CONCLUSIONS: The financial records have undergone several changes as a result of social factors surrounding the club. The ‘Kwistjoni tal-Lingwa’ era was indeed an issue of Politics impacting the choice of language in the financial records at the time. Technological advancement; education and work environment of the treasurer; and the growth of the accountancy profession have also impacted the changes occurring within the financial records and often linked with notions of governance, accountability and transparency VALUE: This study is the first of its kind to be conducted in Malta, contributing further knowledge to this branch of accountancy which is still emerging locally.