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This paper reviews recent corporate financial literature dealing with family business issues. It discusses research papers that explain the nature and type of agency problems in family firms. It provides empirical evidence of the association of family ownership with information asymmetry. It also portrays the influence of family firms over corporate disclosures. We have analyzed literature to explain the empirical association between family ownership, and so ownership control, and firm performances. This paper also attempts to find out the research gap based on reviewed papers and tries to give the future directions of research in this regard.

An ordinary business can be defined as an organization or enterprising entity engaged in commercial, industrial or professional activities. A business can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperative. A non-governmental organization (NGO) is any non-profit, voluntary citizen's group which is organized on a local, national or international level. It can be referred as a task-oriented and driven by people with a common interest, NGOs perform a variety of service and humanitarian functions, bring citizen concerns to Governments, advocate and monitor policies and encourage political participation through provision of information. Generally NGO's does not follow international accounting standards. Non Governmental Organizations (NGOs) have been urged to implement the International Financial Reporting Standards (IFRS) specifically designed to improve accountability by producing respected financial reports. Even though nonprofit organizations aren't required to produce an annual report like publicly traded companies are; most nonprofit managers recognize the value of producing one. An annual report demonstrates accomplishments to current and future donors, cultivate new partnerships, and recognize important people. There are some differences among annual reports prepared by a normal business organization and non profit organizations. Differences in recording of cost, resources, revenues etc. are significant. For these differences an Ngo may involve in various corruptions. To mitigate such kind of problems corrective measures should be taken and should form IAS structures to reduce such differences.