Did you know many countries do not have bespoke financial standards for non-profits in place? In turn they end up utilizing standards written with for-profit entities in mind. Humentum is changing that with a project called IFR4NPO, which develops an internationally applicable financial reporting standard for non-profit organizations (NPOs).
The first draft of International Non-Profit Accounting Guidance (INPAG), developed by IFR4NPO, was issued on November 21, 2022 for public comment by all stakeholders. Accountants, auditors, and standard setters all over the world are poised to share their views, which may be more oriented to consistency with for-profit approaches. There is a risk that the perspectives of NNGOs, INGOs and funders may be under-represented.
During this roundtable we will discuss three issues where we believe it will be important and influential that your voice and the voice of the sector is heard:
- Transparency on general reserves
- Support for a fund accounting approach
Importance for exemptions for disclosure of sensitive activities you will learn: Specific proposals in INPAG Exposure Draft 1 (ED1) and why they matter
- How to provide feedback on our proposed ‘response’ to ensure it reflects the views of the sector
- How to submit your own consultation responses on these and other issues
