The Consultation Paper sets out key questions, proposals and alternatives for formal input from the public. Published on 28 January 2021 and closed for responses on 7 October 2021, it was the first opportunity for all stakeholders to contribute to the development of the international financial reporting for the sector. It contains important content and context for the project.
It is a long document (280 pages), so this short video is a helpful introduction to its structure and content. Scroll down to see the responses and access the full document.
Responses to Part 1 of the consultation have been analysed. A webinar on 2 February 2022 presented more detail – see the recording and slides here. You can see the summary feedback below.
The responses were submitted as comment letters, completed template documents and online surveys which you can access via the buttons below. The online surveys have been collated into an excel file where you can view individual responses. If you have any questions about the responses please contact us.
This section of the Consultation Paper summarises why financial reporting guidance for NPOs is needed. It includes the objectives of the Guidance and outlines the issues addressed in the key parts of the document, including the rationale for the proposed approach to developing the Guidance. In less than three pages it captures the key elements of the Consultation Paper.
The Introduction provides a description of the current financial reporting issues facing NPOs, the role of the project in strengthening financial management and explains the objectives of the Guidance. It also explains how the consultation paper fits into the project timeline, outlines key sections of the Consultation Paper and ways in which responses to the consultation questions can be submitted.
Part 1 of the Consultation Paper examines which organisations are NPOs, and the needs of NPO stakeholders and users of financial information. It also considers the basis of the guidance including the accounting basis and the role of international financial reporting standards, and recommends a way forward. Videos about each of the main topics in Part 1 can be found here.
Part 2 considers NPO-specific financial reporting issues. It sets out how key NPO-specific issues have been identified, provides a description of the nature of each issue and criteria for prioritising those issues to be considered for inclusion in the Guidance, with in-depth analysis of 10 issues. Videos on the accounting issues in Part 2 can be found here.
Material is provided to explain the background and history to the project. There is also more information about international financial reporting standards and how they are developed, as well as information from some jurisdictions that have NPO specific financial reporting guidance. Finally, indicative analysis about gaps between existing international standards and NPO-specific accounting issues is provided.
A glossary is designed to provide a general meaning for terms used in Part 1 and 2 of the Consultation Paper as well as other resources related to the IFR4NPO project. This is to promote a common understanding of the terms used. This is intended to assist with engagement with the issues and questions raised in the Consultation Paper.