Humentum, a global nonprofit, and The Chartered Institute of Public Finance and Accountancy (CIPFA), have announced the publication of the first-of-its-kind comprehensive financial reporting standard for nonprofits across the world – the International Non-Profit Accounting Standard (INPAS). After a 15-year effort, the publication marks a major milestone for accountability and transparency in the nonprofit sector.
INPAS provides a standalone, accrual-based framework that reflects the unique funding models and requirements of nonprofits, including guidance on narrative reporting, grant income recognition, and presenting information about restricted and unrestricted funds. It also includes a Practice Guide for harmonized grant reporting. The standard will dramatically improve consistency, comparability, and credibility in nonprofit financial reporting. The standard is freely available and can be downloaded from www.inprf.org.
Read the announcement here