The project to develop the first international financial reporting guidance for non-profit organisations (NPOs) reached its first milestone last week, when the #IFR4NPO Technical Advisory Group (TAG) held its inaugural meeting on 3-4 October at CIPFA’s London headquarters.
The TAG members have been nominated by national standard setters around the world. The meeting laid the foundations for a consultation, planned for publication in September 2020, by developing a list of financial reporting issues that should be addressed when developing the new guidance. The group also considered what form the guidance could take to best meet the specific needs of potential users.
The #IFR4NPO project will play a vital role in strengthening the accountability of NPOs around the world, while releasing resources for front line services through greater harmonisation of funders’ financial reporting requirements.
Ian Carruthers, Chair, CIPFA Standards, said:
“The lack of guidance and differences in financial reporting standards between countries and donor organisations means that, for too long, financial reporting for non-profit organisations has been inconsistent and reduced the funds available to provide front-line services.
“We are delighted that so many colleagues from the national and international standard-setting community have been able to join with us in addressing the financial reporting challenges facing NPOs. The huge range of experience that the Technical Advisory Group brings will be critical to the success of this ground-breaking project.”
All advisory group meetings will be public and all formal minutes and communications will be made available on the Humentum website.
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Notes to editors:
- The International Financial Reporting for Non-Profit Organizations #IFR4NPO initiative is a five-year project led jointly by Humentum and CIPFA to develop the first ever NPO international financial reporting guidance, which can command support from the accounting community and NPOs, funders and regulators.
- National standard setters from the following countries are members of the TAG: Australia, Austria, Canada, Columbia, Malaysia, New Zealand, Sierra Leone, United Kingdom and the United States
- The Pan African Federation of Accountants are also members and the International Accounting Standards Board are formal observers to the meeting.
- France was in attendance at the meeting.
For further information please contact the CIPFA press office on T: 020 7543 5787 or E: callahan.hager@cipfa.org
About CIPFA:
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA leads the way in public finance globally, standing up for sound public financial management and good governance in the public services and non-profit sectors around the world. It does this through its roles as a national standard setter, membership of international standard setting boards, and as the leading commentator on managing and accounting for public money.