IFR4NPO publishes first exposure draft

  • ASNPO - Meeting Image

Nov 21, 2022

On November 21, 2022, the International Financial Reporting for Non-Profit Organisations (IFR4NPO), an initiative to develop the first internationally applicable financial reporting guidance for non-profit organisations, released "International Non-Profit Accounting Guidance, Exposure Draft 1".

The new guidance, International Non-Profit Accounting Guidance (INPAG), seeks to improve clarity and consistency of Non-Profit Organisation (NPO) financial reports, resulting in greater credibility and trust in the sector globally.

The exposure draft is the first of three parts, each followed by a 4-month consultation period. ED1 addresses four main topics that are important for the framing and context of INPAG:

  1. A description of Non-Profit Organisations
  2. A framework for INPAG
  3. Financial statements presentation
  4. Narrative reporting

INPAG will have 36 sections. ED1 contains the preface, sections 1 to 10, and section 35. The remaining sections will be covered in ED2 and ED3 in 2023.

Review the press release and ED and supporting material on the IFR4NPO's website.

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