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). Our second Exposure Draft which has been open for public comment since 26 September 2023, will close for responses on 15 March 2024.