Welcome to the September edition of the IFR4NPO Newsletter!
It’s exciting to have a date for the publication of Exposure Draft 2, when we will be able to share the next stage of our extensive work. Focus Groups, Advisory Groups, discussions, debates, drafting, design work and translation is culminating in the upcoming launch in about one week! We have prepared a series of webinars running from 7 to 23 November that will explain the proposals, which you can register for now.
In terms of our community, we have announced a formal ‘Call for nominations’ to our revamped Governance Group, and are also delighted to introduce a new member of the Technical Advisory Group. There are updates from our advisory and focus group meetings, and you are invited to participate in a survey exploring ‘equity’ in NPOs.
Mark your calendars for 26 September!️ We’re gearing up for the launch of INPAG Exposure Draft 2, with a presentation at the International Forum of Accounting Standard Setters (IFASS) meeting in London. Get ready to dive into the text itself, the summary in three languages, and the video resources.
Get updates on INPAG ED2 by clicking here.
The IFR4NPO Governance Group - Call for Nominations
Are you interested in being at the forefront of developing global Financial reporting standards for non-profit organisations? Following in the footsteps of the IFRS and IPSAS standard setters, we need strong leadership to promote trust, credibility and transparency of non-profit organisation financial reporting.
Nominations are sought from individuals interested in serving on the IFR4NPO Governance Group, a voluntary advisory body providing project oversight and advice on future strategy. We are seeking senior leaders, with skills and experience to advise on strategic and governance approaches, and who are able to use their networks to advocate and influence at a senior level. Women and those in Africa, Latin America and Asia are especially encouraged. Nominations are open until 20 October 2023.
INPAG Exposure Draft 2 Webinar Series
In order to share your feedback on ED2, it will help to understand the proposals it contains! During this webinar series, we will present the proposals and have time for questions and feedback. Each free webinar will run for 60 minutes starting at 13:00 UTC/GMT.
You can participate in English, Spanish or French, via use of translated videos and slide decks, and the MS Translator App for real time interaction.
• 7 Nov: Common model for grants & donations revenue and expenses
• 9 Nov: Grant expenses
• 14 Nov: Revenue from grants and donations
• 15 Nov: Donations in-kind
• 16 Nov: Inventories
• 21 Nov: Foreign exchange transactions
• 23 Nov: Other topics in ED2
Please click on the button below to book your place.
Introducing new community member
The Technical Advisory Group is delighted to welcome Mohammad Anwarul Karim, from Bangladesh. His appointment further strengthens representation from Asia, and builds our commitment to promoting the development of equitable and accountable financial reporting practices for non-profit organisations internationally.
The Characteristics of 'Equity' in NPOs
We understand that it is not common for Non-profit Organisations (NPOs) to issue equity instruments, such as shares. However, where NPOs do possess equity instruments, the rights of equity claim holders are not clear. The extent of their entitlements to the NPO’s net assets remains uncertain.
We have created this survey to help identify the characteristics of equity claims in the NPO sector. If the organisations you work with or have worked with have any form of equity claim, we would love to hear from you.
Please click on the link to access the 10-question survey.
The papers for the Practitioner Advisory Group meeting held on 11 September are now available on the website. They discussed Fund Accounting and Classification of Expenses. The Technical Advisory Group members will be meeting for a 2-day meeting in London on 28 & 29 September. During this meeting, they will be looking to Exposure Draft 3 and the early proposals for its content.
• Practitioner Advisory Group (PAG) meeting: 11 September 2023
We recently concluded a series of 3 focus group sessions which focused on Classification of expenses, Fund accounting and Fundraising costs. We appreciate the contributions of various stakeholders who provided valuable input which will feed into the development of proposals in INPAG Exposure Draft 3.
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I look forward to connecting with you next month!
– Samantha Musoke, IFR4NPO Project Director, Humentum