Financial Accounting of Buddhist Temples in Thailand

Abstract

This research aims to 1) develop guidelines for creating manuals on accounting and financial reporting for temples in Thailand, considering limitations in equipment and personnel with accounting expertise, 2) propose policy recommendations to the National Office of Buddhism regarding the establishment of a financial accounting system for temples in Thailand and 3) explore the feasibility of utilizing information technology for managing temple financial data and propose actionable approaches for responsible agencies to consider in decision-making. The study employed questionnaires and interviews to collect data from a total of 534 sample sites. Descriptive statistics, including mean, percentage, and standard deviation, were used for data analysis. The findings reveal that financial accounting practices vary across temples. Therefore, the development of accounting and financial reporting guidelines should be closely aligned with establishing an administrative structure within temples, setting operational procedures to ensure internal controls, conducting regular audits, and promoting transparent information disclosure. Currently, temple financial audits are primarily conducted internally by monks or temple personnel. One mechanism to enhance public oversight could be through public disclosure of temple accounting information such as posting announcements on notice boards within the temple or broadcasting via loudspeakers allowing broader public access to the financial information.