After more than six years of work with partners across the globe, a new era begins with the unveiling of new, international standards for reporting. Watch the launch chaired by Sam Musoke, Director, INPAS Adoption.
History has been made with the launch of the world’s first International Non-Profit Accounting Standard (INPAS).
Unveiled at a launch event today in Geneva and online on 9 October, the new standard marks the culmination of more than six years of effort from a global team determined to strengthen financial transparency in the international non-profit sector.
Designed to reflect global diversity, the guidance aims to see at least ten countries reporting under INPAS by 2030. While the launch is a major achievement, it also marks the beginning of the next phase - putting the guidance into practice around the world.
Speaking at the online launch event, CFG’s Caron Bradshaw set out the background to INPAS, and concluded:
“[This project was] a massive undertaking with a huge ambition…so I’m delighted at what we’ve witnessed, and to have been a very small part of a truly international endeavour to bring about INPAS which give that standardisation without losing the space for local nuance. It’s been many years since those initial conversations, but they say good things come to those who wait. So well done to all involved!”
Background to the standards
The idea of a set of global reporting standards was formally proposed in 2011. This was followed by a 2014 study commissioned by CFG and others that confirmed the strong demand for international accounting standards designed specifically for non-profits.
In 2019, the ground-breaking project proposal was announced. Coordinated by Humentum (formally Mango) and the Chartered Institute of Public Finance and Accountancy (CIPFA), work began in earnest in 2020 with CFG as country champion for the UK.
Five years and several consultations and exposures drafts later, the final global reporting standards are now available for adoption by countries across the globe.
INPAS sets out a framework to guide how international non-profit organisations manage and report their finances, helping to build trust, accountability and efficiency across the sector globally.
To read more about the process so far, click here: About IFR4NPO
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