A public consultation, launched January 28 2021 by CIPFA and Humentum, gives non-profit organisations (NPOs) and their stakeholders the opportunity, for the first time, to contribute to the development of global financial reporting guidance.
The consultation, which is part of the International Financial Reporting for Non-Profit Organisations (IFR4NPO) initiative, will consider views from all over the world, including finance staff and NPO senior leaders, as well as funders, regulators, auditors, banks and members of the public.
While international reporting standards have been developed for the private and public sectors, the future IFR4NPO guidance will resolve the current absence of an international reporting standard specific to the non-profit sector.
The consultation will be open for comments on general financial reporting issues until 30 July 2021, and for sector-specific accounting issues until 24 September 2021.