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Requirements
Some Sections give a choice of accounting treatments, while others require a specific treatment, reflecting the nature of each topic. The requirements will include one or more of the following:
At a Glance series
Our ‘At a Glance’ series provides concise overviews of the topics prioritised in this edition of INPAS.
They outline the scope and the key requirements of these sections. They also provide useful information on selected other INPAS requirements.
What to expect from ‘At a Glance’
They are is designed to help users navigate the new NPO-specific requirements in INPAS, and assess whether a section might be relevant to their operations.
Access the At a Glance series
Expenses on grants and donations – At a Glance
An overview of INPAS Section D2 that sets out the requirements where an NPO makes a grant or donation.
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Revenue from grants and donations – At a Glance
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Fund Accounting – At a Glance
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Narrative reporting – At a Glance
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Classification of expenses – At a Glance
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Fundraising costs – At a Glance
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Harmonised Grant Reporting – At a Glance
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Terminology
INPAS introduces new NPO-specific terminology to better reflect NPO operations or to describe NPO-specific transactions. In some cases this adapts terms from the IFRS for SMEs Accounting Standard and in other cases entirely new terms are used.
The main terms are defined in the INPAS glossary.
Examples of adapted terms
- Surplus or deficit instead of profit or loss
- Controlled entity instead of subsidiary
- Operating unit instead of cash-generating unit
Examples of new terms
- Delivery obligation
- Fulfilment right
- Fund
Scope
The scope of each INPAS Section describes the transactions and events to which the prescribed accounting treatments apply.
Purpose
The types of transactions and events that are intended to be covered in the section.
Limitations
Where relevant, a description of those events or transactions to which a section does not apply
Coverage
Whether it covers recognition, measurement, presentation, disclosure, or a combination.
Recognition
The process of formally recognising an item in the financial statements
Measurement
The process of determining the monetary value of financial statement elements
Presentation
How information is structured to support accountability and decision making
Disclosure
Additional information in the financial statements to provide more detail.
