Noshir H. Dadrawala, CEO, Centre for Advancement of Philanthropy
The IFR4NPO Country Champion in India, Noshir H. Dadrawala recently hosted a meeting for anyone with an interest in non-profit financial reporting. We asked him to share his reflections.
In my opinion the level of interest is quite high. Participants resonated with the need to have internationally accepted financial reporting standards in order to save time and effort in reporting to different stakeholders with varied reporting formats.
It became clear from the meeting that it will be important to reach out to the Institute of Chartered Accountants of India, networks of voluntary organisations in India, regulatory authorities (e.g. Charity Commissioner, Income tax Commissioner etc) and also include large grant making foundations, industry bodies like the Confederation of Indian Industries, and the Chambers of Commerce etc.
It was a great opportunity for a cross section of non-profit organisations and financial consultants to come together and brainstorm regarding challenges and opportunities around financial reporting. The number one message was to encourage them to participate in the consultation process next year.
I had not realized that this topic would resonate with so many people. Many want to engage further and are keen to see results. Most were aware and concerned but never had the opportunity or the forum to speak about this issue. So, thank you IFR4NPO!
We are so grateful to Noshir H. Dadrawala and all our Country Champions for their wonderful voluntary service in reaching out to stakeholders all over the world! You can find details of the meeting, including a video recording here.