ICAI Publishes Indian Accounting Standards for Non-Profit Organisations

Update on the Latest Financial Reporting Framework for Indian Non-Profits

Non-profit organizations across India now have a standardized financial reporting framework to adhere to the Indian Accounting Standards (Ind AS) issued by the Institute of Chartered Accountants of India (ICAI).

The new standards provide guidance on how non-profits should prepare and present their financial statements to ensure transparency consistency and reliability. Ind AS for Non-Profit Organizations (NPOs) aims to enhance the credibility and accountability of non-profits and facilitate effective stakeholder engagement.

This framework aligns with international best practices and is designed to meet the specific needs of Indian NPOs. It addresses unique challenges faced by non-profits including the recognition measurement and disclosure of grants and donations restricted funds and other complex financial transactions.