A comprehensive financial reporting for non-profits worldwide, the first of its kind, has been published.
The International Non-Profit Accounting Standard (INPAS) has been six years in the making, with CIPFA and Humentum pushing for a global standard for non-profit organisations.
INPAS provides a standalone, accrual-based framework that reflects the unique funding models and requirements of non-profits, including guidance on narrative reporting, grant income recognition and presenting information about restricted and unrestricted funds. It also includes a Practice Guide for harmonised grant reporting.
CIPFA Chief Executive Owen Mapley, said: “For the first time, non-profits have an accounting standard built entirely around their operational realities. INPAS will help organisations demonstrate stewardship of resources, meet donor and public expectations and strengthen trust through transparent, comparable reporting.”
The standard is freely available and can be downloaded at www.inprf.org
