The extent to which financial information assists philanthropists in making donation decisions more effectively, strengthening accountability, and enhancing public trust in the charitable sector has significant implications for standard-setters in allocating reporting obligations. This study investigates philanthropists’ information needs when making donation decisions. Findings reveal that philanthropists emphasise the importance of reporting tangible outcomes demonstrating how charities advance organisational goals and achieve social impact. Furthermore, philanthropic stakeholders consider regulations essential for trust-building but stress that these regulations should be sufficiently flexible to accommodate charities’ varying capacities. This study contributes to the not-for-profit (NFP) accounting literature by guiding regulators toward specialised NFP accounting standards that better support donor decision-making.