Illustrative financial statements in INPAG ED3: Q&A from INPAG ED3 Webinar (2024)

This video is an extract from the webinar conducted in August 2024 covering the proposals in relation to Illustrative financial statements in INPAG ED3.

Here are the questions and comments that were shared by webinar participants:

1. How will the fair market value be determined for the donation-in-kind? For example, 10 laptops were received from donors in 2023. Are there any guidelines?
2. One aspect of NPO's not specifically covered in the illustrative financials is income tax transactions. In some jurisdictions NPOs may be subject to income tax especially for the non-grant income.
3. Do inventory disclosures needs to be costed or we are just disclosing inventory numbers.
4. Can you just clarify whether ALL FOUR primary statements are required in all cases? Are there any exemptions for small NPOs?
5. Different organizations have different levels of senior management. For remuneration disclosure, is there a specific guidance provided to have the right group captured? (Answer not in the video - Yes, in Section 33).

The Exposure Draft text can be freely downloaded from www.ifr4npo.org/ed3.

The consultation period is open until 16 September 2024. Download the response template and submit your feedback www.ifr4npo.org/have-your-say. Your feedback matters. Shape the future of NPO financial reporting.

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