IFR4NPO

We held a focus group on the topic of Narrative Reporting yesterday, 24 April, considering the responses to Exposure Draft 1. During the focus group we looked at the exemption from sharing 'sensitive information' if it might result in harm. The contentious issue is the requirement to disclose the fact that information has been omitted - which could have the effect of drawing attention to it! We also explored the issue of sustainability reporting, which is optional in INPAG. One interesting point was that too little guidance might result in 'green washing' and too much could be too onerous. There were some great suggestions for proportion requirements. Thanks to those who participated! #Narrativereporting #FocusGroup

On Friday, April 19, Christine Sow, Humentum's CEO and Samantha Musoke ACA met with about 50 members of the Uganda National NGO Forum (UNNGOF) during a workshop organized by Humentum. During the meeting, NGOs called on funders to increase institutional funding, unrestricted and flexible funding, provide more realistic funding for support costs, and simplify reporting and compliance requirements. The sharing and discussion about INPAG was well-received, as members shared their struggles with different interpretations of IFRS by auditors, lack of transparency about fund balances in their own books, and the constant headache of changing their systems to accommodate the expenditure headings for each new donor that comes on board. The meeting was a good occasion to make an in-person announcement that Moses Isooba, UNNGOF’s Executive Director, will be appointed as Country Champion for Uganda alongside ICPAU (Institute of Certified Public Accountants of Uganda). The wisdom and insights from the room were very much appreciated and we are looking forward to their engagement in our public consultation next month on Exposure Draft 3.

The Lack of a uniform reporting (financial) framework torments CSO actors 👿 This is all I can say that generally was highlighted during a 4-hours conversation that was hosted by Uganda National NGO Forum and Humentum yesterday at Hotel Africana, Kampala - Uganda 🇺🇬 "For the past 12 years I have served as a finance manager, truth be told, the financial reporting frameworks do not serve the needs of the non-profit sector. Every project comes with a new school for auditing" 〰️ "The problem comes when an auditor that has never practiced in the non-profit sector is assigned to audit your project, collusion is inevitable. Unfortunately, the donor trusts the auditor more than the project implementor" 〰️ Well, good news is that there's remedy for this challenge i.e harmonised reporting framework is in the pipeline. Development practitioners under the auspices of Humentum and CIPFA came up with a progressive initiative - (#IFR4NPO). The #IFR4NPO is totally persuaded that having a harmonised global financial reporting framework will be the game changer 👏 because CSOs will then be able to operate on a level playing field. This will thus enhance the quality and reliability of financial reports while improving transparency and building trust in the sector. The IFR4NPO initiative represents a once-in-a-generation opportunity to transform the financial reporting landscape and create a much more solid foundation for the non-profit sector to demonstrate its accountability and secure the trust of its many stakeholders. There are no international standards guiding CSOs on how to prepare their annual audited accounts. While a few countries have their own standards for Non-profit sector, these differ from each other. International standards that exist for businesses do not address all the needs of CSOs’ stakeholders, like accounting for grants. The next assignment is to increase aid agencies' appreciation of this initiative💫 For more information, please visit www.ifr4npo.org Moses Mulindwa Ruth Namara (She/Her) Rebecca Ariokot Elizabeth Kantono Samantha Musoke ACA Charles Kojo Vandyck Tarisai Jangara Eshban Kwesiga Madonna Vicky Ainembabazi

The Lack of a uniform reporting (financial) framework torments CSO actors 👿 This is all I can say that generally was highlighted during a 4-hours conversation that was hosted by Uganda National NGO Forum and Humentum yesterday at Hotel Africana, Kampala - Uganda 🇺🇬 "For the past 12 years I have served as a finance manager, truth be told, the financial reporting frameworks do not serve the needs of the non-profit sector. Every project comes with a new school for auditing" 〰️ "The problem comes when an auditor that has never practiced in the non-profit sector is assigned to audit your project, collusion is inevitable. Unfortunately, the donor trusts the auditor more than the project implementor" 〰️ Well, good news is that there's remedy for this challenge i.e harmonised reporting framework is in the pipeline. Development practitioners under the auspices of Humentum and CIPFA came up with a progressive initiative - (#IFR4NPO). The #IFR4NPO is totally persuaded that having a harmonised global financial reporting framework will be the game changer 👏 because CSOs will then be able to operate on a level playing field. This will thus enhance the quality and reliability of financial reports while improving transparency and building trust in the sector. The IFR4NPO initiative represents a once-in-a-generation opportunity to transform the financial reporting landscape and create a much more solid foundation for the non-profit sector to demonstrate its accountability and secure the trust of its many stakeholders. There are no international standards guiding CSOs on how to prepare their annual audited accounts. While a few countries have their own standards for Non-profit sector, these differ from each other. International standards that exist for businesses do not address all the needs of CSOs’ stakeholders, like accounting for grants. The next assignment is to increase aid agencies' appreciation of this initiative💫 For more information, please visit www.ifr4npo.org Moses Mulindwa Ruth Namara (She/Her) Rebecca Ariokot Elizabeth Kantono Samantha Musoke ACA Charles Kojo Vandyck Tarisai Jangara Eshban Kwesiga Madonna Vicky Ainembabazi

We are thrilled to introduce Batima Mukina, as our IFR4NPO Country Champion for Kazakhstan. With a wealth of experience in auditing (financial, compliance, and performance), she brings a valuable blend of expertise and passion to this role. Her leadership as the former CEO of CISC, a non-profit grant making organisation in Kazakhstan, has honed her skills in strategic financial issues and their impact on the whole organisation. Batima's commitment to excellence and ethics makes her a natural fit for promoting the adoption of international guidance for NPO financial reporting in Kazakhstan. Please join us in welcoming Batima Mukina to the IFR4NPO community. Read more about her here.#IFR4NPO #Kazakhstan https://lnkd.in/dGWUdT3r

Imagine a world where non-profit organisations (NPOs) have equitable access to income to fund their missions. By advocating for the creation and adoption of internationally applicable accounting standards for NPOs, we're paving the way for a fairer future.With International Non-Profit Accounting Guidance (INPAG), NPOs can operate on a level playing field. This will enhance the quality and reliability of financial reports while improving transparency and building trust in the sector. You can contribute to this by engaging with the public consultation on INPAG Exposure Draft 3 which be launched next month. https://lnkd.in/dNCqkZMC #NonProfitStandards #EquitableFuture #GlobalImpact

Only a handful of countries have specific accounting standards for non-profits, leading to inefficiencies and inequalities in financial reporting and access to finance across the sector. This inconsistency impacts NPOs' ability to serve effectively and hampers financial health. We are addressing this by advocating for International Non-Profit Accounting Guidance, improving the quality and reliability of NPO financial reports, and reducing the burden on NPOs of multiple formats worldwide. Together, we can drive efficiency, transparency, and equity in our sector. The video below explain this further. https://lnkd.in/dS58qRg4

We are glad to introduce Oluseyi Babatunde Oyebisi as the new Deputy Country Director for Nigeria. Oyebisi Oluseyi has over the years gained extensive experience in civil society strengthening and international development. As Executive Director of the Nigeria Network of NGOs, he has grown the organisation from 600 to over 3,900 member organizations, focusing on improving the operational environment for civil society in Nigeria. Oyebisi is a recognised leader in advocacy for nonprofit regulations and capacity building. He played a key role in advocating for the adoption of the Sustainable Development Goals by African Heads of States. You can read more about Oyebisi here - https://lnkd.in/dQQjtfbv

We are excited to introduce Nicodème ADZRA as the IFR4NPO Country Champion for Togo. With over two decades of experience in financial management, audit, and public sector leadership, Nicodème brings a wealth of expertise to this role. As a chartered accountant and Founder of EULYS SOLUTIONS, Nicodème has worked on projects aimed at modernising management practices. His achievements include implementing internal control systems, facilitating the transition to IPSAS, and streamlining procedures for efficiency. You can read more about Nicodème here - https://lnkd.in/ehwyRqrw

Thank you for your responses to our public consultation on INPAG Exposure Draft 2 through the comments and surveys. INPAG ED2 received 161 responses from diverse stakeholders in 58 countries! Check out the key numbers and stats below. We will be digesting and analysing this feedback in the coming months, and considering the way forward with our global Advisory Groups. The responses are a matter of public record here: https://lnkd.in/dSdjCinC