Nepal Accounting Standards for Not-for-Profit Organizations (2018)
The purpose of Nepal Accounting Standard for Not-for-Profit Organizations (NAS for NPOs) is to guide NPOs in preparing general-purpose financial statements. It aims to improve the quality of financial reporting and provide adequate information to users. NAS for NPOs also aims to reduce the diversity in accounting practices and presentations among NPOs. All NPOs are recommended to follow NAS for NPOs to ensure that their financial statements provide a true and fair view of their organizations. NAS for NPOs is based on accrual accounting principles and provides a basis for preparing financial statements that give a true and fair view. The purpose of preparing financial statements in accordance with NAS for NPOs is to report to external donors, members, creditors, and other entities that provide resources to NPOs. NPOs are only required to comply with the Standards that are applicable to them. If an NPO applies NAS for NPOs, the basis of preparation, notes, and audit report can refer to conformity with NAS for NPOs.
Accounting Standards Board, Nepal has set the accounting standards for not-for-profit organizations, and the NAS for NPOs currently under implementation is NAS for NPOs 2018.
You can download the pdf of the full standards ebook from the ASB Nepal website here.
You can also see each individual standards from the list below.
- Chapter I: Accounting Framework for Financial Reporting
- Chapter II: Statement of Financial Position
- Chapter III: Statement of Income and Expenditure
- Chapter IV: Cash Flows Statement
- Chapter V: Recognition and Measurement of Assets
- Chapter VI: Disclosures
- Model Financial Statements for NPOs
- Effective Date and Transition
For quick read through, you can also view the standards down below.
