When we think of the COVID crisis in India, we don’t have accounting headaches front-of-mind.
In response to the shortage of oxygen and medicines, NGOs have been fundraising. They have successfully raised donations both in funds and in-kind, for distribution to beneficiaries or hospitals. Accounting for donations-in-kind has always been tricky for non-profits in the absence of internationally applicable guidance.
The IFR4NPO Guidance won’t be ready until 2025, so in the meantime, Tejas Merh Desai IFR4NPO Advisor and co-founder of India’s Non-Profit Finance Network, has this advice for sector practitioners.
Thank you Tejas Merh Desai for sharing your advice, you can see more information on IFR4NPOs consultation on accounting for donations-in-kind here.
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