Are there any internationally accepted financial accounting standards for not-for-profit organizations?
At present there are no international financial accounting standards for not-for-profit organizations. Some countries, such as Switzerland, have self-regulatory mechanisms that work like FASB in the United States to set accounting standards. Others have accounting laws or government regulators that set standards, but few of these deal specifically with rules for NPOs. Thus, US grantmakers are frequently required to look at financial statements for NPOs that informally adapt business accounting rules to their needs and concerns.
