New International Nonprofit Accounting Standards (INPAS)   New

Jennifer Louis explains how INPAS evolved from nonprofit organizations and why adoption will be driven by IFRS. She outlines INPAS’ objectives-improving the quality, transparency, and usefulness of nonprofit reporting for accountability and decision—making—and describes how the standards are organized by themes with recognition, measurement, presentation, and disclosure requirements. The segment highlights key reporting concepts, including a complete set of financial statements, materiality judgment, and measurement bases such as historical cost and current value. It also addresses fund accounting (restricted vs. unrestricted) and the importance of narrative reporting that includes balanced discussion of performance, risks, and results. Finally, Louis summarizes a supplemental practice guide intended to harmonize grant and project reporting and enable reconciliation to financial statements.