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Accounting Standards Board
The Institute of Chartered Accountants of India
10th October, 2023
Exposure Draft of International Non-Profit Accounting Guidance (INPAG) Part 2

The preparation of financial statements is crucial for accountability and decision-making and for trust and confidence in NPOs. However, there are no common international accounting standards for NPOs, unlike in the private and public sectors. The International Financial Reporting for Non-Profit Organisations (IFR4NPO) project aims to respond to these issues by strengthening NPO governance and financial management through the development of internationally applicable financial reporting Guidance for non-profit organisations.

In this regard, first Exposure Draft of International Non-Profit Accounting Guidance (INPAG) was issued by Chartered Institute of Public Finance and Accountancy (CIPFA) and Humentum in November, 2022. INPAG ED1 was focused on the overarching framework for NPO financial reporting. Recently, the following Exposure Draft of INPAG Part-2 has been issued for public comments:

  • Exposure Draft of International Non-Profit Accounting Guidance (INPAG) Part 2

ED2 is the second of three Exposure Drafts that will be published and taken together will comprise the full INPAG. The focus of ED2 is on some of the key accounting transactions that are relevant for NPO financial reporting. It includes:

1. Expenses on grants and donations
2. Revenue
3. Inventories
4. Foreign Currency translation

With the view to contribute to standard setting at international level, the Exposure has been hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments with last date as January 10, 2024. The downloadable version is available at: https://resource.cdn.icai.org/76492asb61733.pdf

Comments on the abovementioned Exposure Draft may be submitted through any of the following modes:

1. Electronically: Click on http://www.icai.org/comments/asb/ to submit comment online (Preferred method)
2. Email: Comments can be sent to: commentsasb@icai.in
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

Further clarifications on this Exposure Draft may be sought by e-mail to asb@icai.in

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