IFR4NPO publishes first exposure draft
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:
- A description of Non-Profit Organisations
- A framework for INPAG
- Financial statements presentation
- 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.