ICAI Invites Public Comments on CIPFA’s International Non-profit Accounting Guidance Exposure Draft
- News|Blog|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 15 June, 2024
Latest from Taxmann
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.
- International Non-Profit Accounting Guidance Part 1: Establishes the framework for NPO financial reporting, covering concepts, principles, and guidelines for financial statements and narrative reporting.
- International Non-Profit Accounting Guidance Part 2: Focuses on key NPO accounting transactions like revenue from grants, grant expenses, and updates to inventories and foreign currency translation, aligning with IFRS for SMEs but tailored for NPOs.
Now CIPFA issued an exposure draft of the International Non-Profit Accounting Guidance Part 3 International Non-Profit Accounting Guidance (INPAG) 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.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
