Strengthening Non Profit Transparency With INPAS

Enhancing Transparency in the Nonprofit Sector: The Emerging Role of INPAS

In Cyprus, non profit organizations are required to maintain accounting records, with larger entities also subject to financial reporting and audit requirements. At the same time, expectations for transparency and accountability are increasing, driven by donors, registrars, and other stakeholders.

While established frameworks such as IFRS Accounting Standards and International Public Sector Accounting Standards (IPSAS) provide structured guidance, they do not always reflect the underlying economic reality of non profit organizations or how they create and preserve value. Unlike jurisdictions such as the United Kingdom, which applies a dedicated Charities Statement of Recommended Practice, Cyprus lacks a sector-specific accounting framework.