There are no international standards guiding NPOs (NGOs and other non-profit organisations) on how to prepare their annual audited accounts. While a few countries have their own standards for NPOs, these differ from each other. International standards that exist for businesses do not address all the needs of NPOs’ stakeholders, like accounting for grants.
The IFR4NPO initiative represents a once-in-a-generation opportunity to transform the financial reporting landscape and create a much more solid foundation for the non-profit sector to demonstrate its accountability and secure the trust of its many stakeholders.
We are developing guidance called International Non-Profit Accounting Guidance (INPAG) and our first Exposure Draft is open for public comment until 31 March 2023.