Circular 2009/11 Guidelines for Accounting and Financial Reporting Standards by NGOs/NPOs

The Council in its 210th meeting held on August 15, 2009 has approved the ‘Guidelines for Accounting and Financial Reporting Standards by NGOs/NPOs’.

Since there was no standard framework being followed by NGOs/NPOs in Pakistan, the Institute considered it necessary to provide such Guidelines for standardized financial reporting by NGOs/NPOs.

These guidelines are recommendatory for NGOs/NPOs particularly for those for whom no accounting framework has been prescribed. The Guideline for NGOs/NPOs has been developed in order to promote transparency, accountability and to encourage implementation of accounting standards and best practices for NGOs/NPOs.

Those NGOs/NPOs that intend to comply with IFRS as applicable in Pakistan are encouraged to do so.

The Guideline can be downloaded from the Institute’s website.