ITC: International Non-Profit Accounting Guidance Part 2

ITC: International Non-Profit Accounting Guidance Part 2

This blog will cover the second phase of the International Non-Profit Accounting Guidance by looking at Exposure Draft 2 and its proposed guidance for nonprofits. The goal of the INPAG project is create a global nonprofit financial reporting framework. ED2 focuses on providing guidance that amends current IFRS for SMEs which will serve as the base of the new guidance. The ifr4npo website has great explainer videos that details the proposals. Comments are due March 15, 2024.

FAF Rolls Out Free Access to Codification & GARS

FAF Rolls Out Free Access to Codification & GARS

GLS is very excited about the recent roll out by the Financial Accounting Foundation (FAF) of its free (and enhanced) access to the FASB Codification and the GASB’s Governmental Accounting Research System. This makes accessing and researching accounting more accessible especially for smaller entities to comply with the standards. The fact that it is free will help reduce barriers to entities following GAAP. We are excited to see the impact this change will have on smaller organizations!