Project Updates

The IFR4NPO project aims to model good practice in transparency and accountability.

Our focus

Since the IFR4NPO initiative was launched in July 2019, our focus has been on establishing the project’s credibility, engaging with diverse stakeholders internationally, and developing technical content for the Consultation Paper, with input from our Advisory Groups. With a view to long term sustainability, the project was also keen to establish appropriate governance structures in the form of a Steering Group.

Our achievements to March 2020

The project has made a very strong start, securing support and engagement from senior leaders in the accounting community, as well as non-profit organisations, donors and auditors from around the world. We are well set to meet our first major milestone, which is the launch of the Consultation Paper, in 2021.

Expenditure to 31 March 2020 totalled $359,752.

Technical

Established the Technical Advisory Group (TAG), with national standard setters from every continent, and an official observer from the International Accounting Standards Board.

Held TAG meetings: one 2-day meeting in London in October, and six online.

Produced first draft of Consultation Paper Part 1, and technical papers on 9 specific accounting issues.

Stakeholder Engagement

Established the Practitioner Advisory Group (PAG) with members from 12 countries representing a range of stakeholders: NPOs, donors, auditors, academics and others.

Held PAG meetings: one 2-day meeting in Nairobi in Dec 19, and one online.

362 project sign ups from 77 countries.

Appointed 9 Country Champions to spearhead engagement in their countries.

Developed a project website, brand and social media accounts.

Published 4 newsletters and 7 articles.

Presented at 3 conferences, and delivered one webinar.

Governance

Established a Steering Group, with the first meeting on 1 May 2020.

Secured funding for the Consultation Paper phase of the project.

Managed risks and adaptations associated with COVID-19 pandemic.

Funding sources

The project has so far secured $1 million in grant funding, being $500,00 each from the Open Society Foundations and the Ford Foundation. We are grateful that they shared and supported our vision for a stronger and more accountable and resilient sector. The full 5 year project budget is forecast at $4.5 million.

IFR4NPO also recognised $58,804 in donations-in-kind, being 110 days (valued at $400) of technical professional time given in the Advisory Groups, and $14,804 in travel related costs to attend Advisory Group meetings.

Donations-in-kind

  • AASB (Australia)
  • AcSB (Canada)
  • Aston University (UK)
  • Baker Tilly (UK)
  • Crowe LLP (UK)
  • FASB (USA)
  • The Ford Foundation (South Africa)
  • FRC (UK)
  • IASB (UK)
  • ICPAR (Rwanda)
  • John Snow Inc (South Africa)
  • KPMG (Switzerland)
  • MASB (Malaysia)
  • NZASB (New Zealand)
  • PAFA (South Africa)
  • PwC (Austria)
  • SMS Accounting Services (Colombia)
  • USAID (USA)
  • ICASL (Sierra Leone)
  • African Academy of Sciences (Kenya)
  • MINPAKU (Japan)
  • CGIAR (France)
  • Avkaash (India)
  • Mercy Corps (Jordan)
  • Philip McMinn Mitchell (Switzerland)

Project reports

See the IFR4NPO Project report to December 2019 here

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