Platform launched to boost understanding of international not-for-profit reporting

Online platform launched to clarify understanding of the varying financial reporting methods of not-for-profit organisations around the world

Austin Clark | 5th Oct 17

An online platform has been launched that aims to clarify 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.

Developed for the International Forum of Accounting Standard Setters (IFASS) Not-for-profit Working Group by CIPFA, the Chartered Institute of Public Finance and Accountancy, the platform allows approaches to not-for-profit accounting and reporting across different countries to be compared directly for the first time.

The resource will also enable users to determine how best to account for similar transactions, which, in the absence of specific international standards for not-for-profit financial reporting, should help improve best practice and enhance understanding of reporting practices in different jurisdictions.

The International Not for Profit Platform was launched at IFASS’s meeting in London, UK, by the IFASS Not-for-profit Working Group. CIPFA’s chief executive, Rob Whiteman, welcomed the launch of the new platform:

“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.”

IFASS Chair, Liesel Knorr added: “Reporting standards for not-for-profit entities remain of great interest to national standard setters. Therefore, IFASS is pleased to have played a part in an initiative which brings together standard setters to document current practice and identify issues.

“The initiative illustrates the important role IFASS has in both hosting discussions around areas of common interest and facilitating information sharing amongst standard setters.

“It is hoped the new platform and further work of the group contributes to the case for a single set of international reporting standards for the not-for-profit sector.”

The International Not for Profit Platform is available to access for free on CIPFA’s website.