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Consultation paper on international financial reporting by non-profit organizations

  • ASNPO Books Image

Jan 28, 2021

On January 28, 2021, The International Financial Reporting for Non-Profit Organisations (IFR4NPO), an initiative to develop the first internationally applicable financial reporting guidance for non-profit organizations, published a consultation paper to give non-profit organizations the opportunity to contribute to the development of the guidance for their sector.

The guidance will apply to the unique sector-specific aspects of the annual general purpose financial reports, considering accounting issues as well as narrative reports that accompany financial statements. It will improve the clarity and consistency of non-profit organizations' financial reports, resulting in greater credibility and trust in the not-for-profit sector globally. The International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) are aware and actively observing the development process.

The consultation paper has two parts:

  • PART 1: General NPO financial reporting issues
  • PART 2: NPO-specific financial reporting issues

Comments on part 1 are requested by July 30, 2021, on part 2 by September 24, 2021.

Review additional information on the IFR4NPO's website:

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