Non-profit financial reporting is broken! Internationally it is inconsistent, inefficient and often doesn’t meet the needs of users.
If you have branches or make grants overseas you may be familiar with annual audited accounts prepared without relevant guidance such as the UK SORP. The IFR4NPO project is developing this guidance, with input from IASB and many other stakeholders around the world. A consultation paper was issued in January, with responses to part 2 required by 24 September. Future UK requirements will likely be based on this guidance, so your views matter! You are invited to complete the survey and subscribe for updates.