International Financial Reporting For Nonprofit Organizations
IFR4NPO is an initiative to develop the world’s first Internationally applicable Financial Reporting guidance for non-profit organizations (NPOs). This will improve the clarity and consistency of NPO financial reports, resulting in greater credibility and trust in the not-for-profit sector globally.
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.
Evidence for demand for this guidance comes from a 2014 survey, in which 72% of respondents from 179 countries agreed that it would be useful. The International Accounting Standards Board and the International Public Sector Accounting Standards Board are aware and actively observing the development process.
The IFR4NPO Consultation Paper launched in January 2021, with input from advisory groups. The deadline to submit a response to Part 1 recently closed, and the closing date for responses to Part 2 is September 24, 2021. Hear from our stakeholders all over the world – why is this Consultation Paper so important? Why will they be sharing their responses? What are some of the most important questions in it? Have your say!