International Financial Reporting for Non Profit Organizations – Georgia is becoming a participant of an international project

Developing international financial reporting standards has shown the importance and benefits of common financial language. However, there is still no unified international standard for non-profit organizations (NPOs) that poses some difficulties for them. 

That is why, Humentum and CIPFA have launched a joint project to develop an international financial reporting standard for NPOs. The project aims at strengthening non-profit organizations. To this end, it is planned to develop an international reporting standard that, in turn, strengthens the confidence of stakeholders in these organizations.
According to the project initiators, international involvement will make the project results more credible and valid.

Therefore, they are cooperating with the representatives of the field. Up to 80 countries participate in the project. It should be noted that the International Financial Reporting Standards Foundation is also involved in the project. 

We are glad to inform you that CIPFA has offered Georgia to take part in the project. SARAS is actively involved in the project implementation process and has already started working for creation of a special working group. 

If you are a representative of the profession and wish to be a member of the working group, please send an e-mail to the following address: info@saras.gov.ge  

For more information, please, see the short video about the project or visit the official website.