Accounting Standards for Non-profits is an official set of standards used by non-profit organizations to help ensure accuracy and transparency in financial reporting. These standards are based on the Generally Accepted Accounting Principles (GAAP) but include a few additional elements unique to non-profit accounting. For example, the standards require non-profits to document income, expenses and assets using accrual accounting. Additionally, they must disclose sources of their funding, budgeting and cost allocation practices, and any potential conflicts of interest. Following these guidelines helps maintain the reliability and dependability of non-profit financial statements, which is essential in gaining donors’ trust and keeping mission-driven organizations stable and successful.