INPAG will be a stand-alone Guidance so that preparers and auditors can find what they need in one place. Using the IFRS for SMEs as a starting point, changes will be made to address the prioritised non-profit issues.
The work quality, extensive consultation, and rigorous due-process mean that relevant bodies will be able to adopt INPAG as mandatory.
The application will be up to each jurisdiction in terms of which NPOs may be required or allowed to apply INPAG. The NPOs we have in mind during the development process need to track assets and liabilities and report on a range of transactions and activities to meet the needs of the users of their financial reports. Check out this video for more.