Summary of financial reporting frameworks available for the preparation of CO reports
| Reporting framework | Summary of key guidance in the financial reporting framework |
|---|---|
| US GAAP FASB Statement 117 (FASB, 2018; 2024) | NPOs should prepare a statement of financial position, statement of activities and statement of cashflows in accordance with US GAAP |
| Classification of net assets, revenues, expenses, gains and losses based on the existence or absence of donor-imposed restrictions | |
| Financial reporting focus with little discussion of non-financial reporting | |
| INPAS (INPRF, 2025b) | Ongoing initiative to develop internationally applicable financial reporting guidance for NPOs |
| Accounting guidance for NPO-specific transactions, including revenue and expenses from grants | |
| Streamlined reporting, enhance credibility, increased funding and improved NPO transparency are the objectives | |
| Financial reporting focus, taking guidance from IFRS, IFRS for SMEs and international public sector accounting standards | |
| Limited guidance on narrative reporting | |
| ASNPO (BDO, 2024) | Canadian accounting standards for NPOs |
| Financial reporting focus with little discussion of non-financial reporting | |
| Includes various sections providing guidance on the recognition and measurement of tangible and intangible assets in NPOs, accounting for contributions and fund accounting | |
| NPOs should prepare a statement of financial position, statement of operations, statement of net assets which may form part of the statement of operations, statement of cashflows and notes and supporting schedules | |
| FRS 102 (FRC, 2024) | UK financial reporting standard applicable to entities that are not companies and entities that are not profit-oriented |
| FRS 102 guidance draws heavily on the guidance in IFRS for SMEs | |
| NPO should prepare a statement of financial position, statement of comprehensive income and income statement, statement of cashflows, statement of changes in equity and explanatory notes |
| Reporting framework | Summary of key guidance in the financial reporting framework |
|---|---|
| NPOs should prepare a statement of financial position, statement of activities and statement of cashflows in accordance with | |
| Classification of net assets, revenues, expenses, gains and losses based on the existence or absence of donor-imposed restrictions | |
| Financial reporting focus with little discussion of non-financial reporting | |
| Ongoing initiative to develop internationally applicable financial reporting guidance for NPOs | |
| Accounting guidance for NPO-specific transactions, including revenue and expenses from grants | |
| Streamlined reporting, enhance credibility, increased funding and improved | |
| Financial reporting focus, taking guidance from IFRS, | |
| Limited guidance on narrative reporting | |
| Canadian accounting standards for NPOs | |
| Financial reporting focus with little discussion of non-financial reporting | |
| Includes various sections providing guidance on the recognition and measurement of tangible and intangible assets in NPOs, accounting for contributions and fund accounting | |
| NPOs should prepare a statement of financial position, statement of operations, statement of net assets which may form part of the statement of operations, statement of cashflows and notes and supporting schedules | |
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