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 June 2020

From a standing start launch in July 19, and receipt of the first funds in September, the project has achieved an extraordinary amount in terms of building consensus the objectives, securing interest from people in 83 countries, and formulating the issues and questions for the consultation paper with input from advisory group members around the globe.

Expenditure to 30 June 2020 totalled $490,663.

Technical

  • The Technical Advisory Group (TAG) was established, drawn from national standard setters from every continent, and an official observer from the International Accounting Standards Board.
  • TAG meetings have been held to shape and discuss aspects and sub-sections of the Consultation Paper;  one 2-day meeting in London in October, and 9 subsequently online.
  • A full draft Consultation Paper (250 pages), incorporating feedback from all the meetings to date, was sent for review on 16 July 2020.

Stakeholder Engagement

  • The establishment of the Practitioner Advisory Group (PAG) was brought forward, with the first meeting held in December 2019 in Nairobi, and 3 subsequent meetings The group is diverse in terms of stakeholder type, geography, gender and race, with members appointed in a rigorous process.  Representatives from the audit community were appointed independently through the Forum of Firms.
  • The project website was launched in May 2020, including an online forum for the IFR4NPO community to interact. All the project meetings, papers, and advisors are easily accessible to ensure the development process is transparent.
  • 15 of 20 Country Champions were appointed in Afghanistan, Australia, Colombia, China, Ethiopia, Ghana, India, Kenya, Nigeria, Rwanda, Turkey, Uganda, UK, Zambia & Zimbabwe.
  • 8 blogs, articles and podcasts were published. 5 newsletters were issued. 586 people from 83 countries subscribed to newsletters. One explainer video was finalised and others are in progress.  3 webinars have been presented, as well as 3 conference sessions.

Governance, Fundraising and Management

  • A Steering Group was established, with the first meeting on 1 May 2020.
  • Funding was secured for the Consultation Paper phase of the project ($1 million).
  • The ongoing risks associated with the COVID-19 pandemic are being managed, with adaptations to project plans, in particular a reduction in travel and an increase in online engagement of all kinds.

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 $68,604 in donations-in-kind, being 134.5 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)
  • African Academy of Sciences (Kenya)
  • Aston University (UK)
  • Avkaash (India)
  • Baker Tilly (UK)
  • CGIAR (France)
  • Church of England (UK)
  • Crowe LLP (UK)
  • FASB (USA)
  • FRC (UK)
  • IASB (UK)
  • ICASL (Sierra Leone)
  • ICPAR (Rwanda)
  • John Snow Inc (South Africa)
  • Karina Vartanova (Switzerland)
  • KPMG (Switzerland)
  • MASB (Malaysia)
  • Mercy Corps (Jordan)
  • MINPAKU (Japan)
  • NZASB (New Zealand)
  • PAFA (South Africa)
  • Philip McMinn Mitchell (Switzerland)
  • PwC (Austria)
  • SMS Accounting Services (Colombia)
  • The Ford Foundation (South Africa)
  • U4 (Norway)
  • USAID (USA)

Project reports

See the IFR4NPO Project report to June 2020 here

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