CIPFA has launch a new online platform that seeks to improve understanding of the varying financial reporting methods of not-for-profit organisations around the world, by bringing together information on national guidance into one place so that approaches across different countries can be compared directly
The resource, which was developed for the International Forum of Accounting Standard Setters (IFASS) not-for-profit working group, will also enable users to determine how best to account for similar transactions. CIPFA says in the absence of specific international standards for not-for-profit financial reporting, this should help improve best practice and enhance understanding of reporting practices in different jurisdictions.
Rob Whiteman, CIPFA’s chief executive, said: ‘Despite the increasing importance of the not-for-profit sector globally there are still no international financial reporting standards to ensure that individual organisations can be held accountable in a comparable way.
‘CIPFA is delighted to have been able to support IFASS in developing this new resource, which we hope will be an important step towards this longer-term aim.’
The International Not for Profit Platform is available here.
Report by Pat Sweet
