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ICAI invites public comments on CIPFA's International Non-Profit accounting guidance exposure draft
The preparation of financial statements is essential for accountability, decision-making, and fostering trust and confidence in non-profit organizations (NPOs). Unlike the private and public sectors, NPOs lack common international accounting standards.
In this context, the Chartered Institute of Public Finance and Accountancy (CIPFA) issued the International Non-Profit Accounting Guidance (INPAG) as follows.
1. International Non-Profit Accounting Guidance Part 1
Exposure Draft 1 (ED1) concentrated on establishing the overarching framework for NPO financial reporting. It provided a description of NPOs and the reporting entity, outlined the concepts and pervasive principles underlying financial reporting, and proposed guidelines for financial statement presentation and narrative reporting. ED1 included the Preface, Sections 1-10, and a newly introduced Section 35 on narrative reporting.
2. International Non-Profit Accounting Guidance Part 2
Exposure Draft 2 (ED2) focused on key accounting transactions relevant to NPO financial reporting, including new sections on revenue from grants and donations, grant expenses, and updates to inventories and foreign currency translation. It built on sections from the IFRS for SMEs Accounting Standard but developed new sections for NPO-specific transactions. ED2 also proposed excluding the section on share-based payments as irrelevant to NPOs and included updated terminology and alignment changes.
3. Exposure Draft of the International Non-Profit Accounting Guidance Part 3
This guidance focuses on the presentation of financial information and includes new sections on fund accounting, classification of expenses, fundraising costs, and supplementary information about specific funds or activities, such as particular grants or projects.
Now the ICAI is seeking public comments on the exposure draft of the International Non-Profit Accounting Guidance Part 3 issued by the Chartered Institute of Public Finance and Accountancy (CIPFA).
The above-mentioned Exposure Draft is open for public comments with the last date as August 14, 2024.
The public can send their comments through the following.
? 1. Electronically: https://www.icai.org/comments/asb/
? 2. Email: [email protected]
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? 3. Postal: Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002
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