IFR4NPO publishes first exposure draft
22 Nov, 2022
International Financial Reporting for Non-Profit Organisations (IFR4NPO), an initiative to develop the first internationally applicable financial reporting guidance for non-profit organisations, has 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.
Please click for the press release and the ED and supporting material on the IFR4NPO website.