Hello Friends,
I am delighted to share with you the latest on what is happening across the project. We are running a series of Country Awareness Meetings, hosted by our Country Champions. We have recently had meetings in Morocco and Sierra Leone, and there is more to come (see below). Our Technical and Practitioner Advisory Groups have also been busy providing input to the development of the Exposure Draft Guidance, with the first tranche due for release towards the end of this year.
One common thread that stands out is the enthusiasm to support the IFR4NPO Project in achieving its objectives. We are appreciative of the insightful and helpful comments and questions.
We held a webinar on 5 May to explain the model for developing the Guidance and the rationale. In the IFR4NPO Project Consultation Paper, we proposed a model for developing the Guidance, using International Financial Reporting Standard for Small and Medium Entities (IFRS for SME) as a start point. The feedback we received suggested a measurable level of concern and confusion about the proposals, so we wanted to provide a space for further comments and questions. We were grateful for a range of valuable and detailed contributions as well as positive feedback, for example, “Thanks for a fantastic webinar. Very informative. Really appreciate it”.
As we continue to engage stakeholders around the world, we will ensure that you are kept informed and have the opportunity to take part in discussions. Keep an eye on the website and LinkedIn for forthcoming events and our blogs and articles.
On 2 February 2022, we presented the outcome of our 2021 Consultation Process. This webinar is now available on our YouTube channel as a video series in 4 languages: English | Spanish | French | and Arabic.
We host free online events in various time zones, to create awareness about the IFR4NPO Project and explain the role our stakeholders in different countries can play in achieving harmonised reporting for the sector. Most webinars are available in French, Spanish and Arabic. As well as registering for future events, you can access the recordings and resources from past events.
Upcoming
Past
We are always excited to see new people join the project as we find ways to strengthen our capacity, increase our network and raise awareness among professionals across the sector. Within the last few months, the following people have joined us to contribute their experience and knowledge:
Practitioner Advisory Group
Pablo Sam Martin (Argentina)
Hikmet Abdella (Ethiopia)
Mohamed Khlass (Tunisia)
Daniel Ruiz (Colombia)
Oumou Wane Toure (Senegal)
Penjor Tshewang (Bhutan)
Nigel Davis (UK)
Bages Petros (Palestine)
Country Champions
Technical Advisory Group – William Biese (Mexico)
Project Staff – Ebenezer Omitogun, Communications Manager (Nigeria)
Details of the meetings of the technical and practitioner advisory groups (TAG and PAG) are available on the website. You can see agendas, meeting papers, discussion summaries and a recording.
Meetings of the Donor Reference Group (DRG) and the Focus Groups (FG) are private. Reports from the DRG are prepared in 4 languages and the slide decks from the Focus Groups are also available so that you can follow the nature of the discussions.
PAG meeting: On 16 March 2022, members discussed narrative reporting, fund accounting, income deferral, and ways to define ‘control’ of NPOs.
TAG meetings: On 6 April 2022 and 4 May 2022, members discussed the Exposure Draft Preface, Section 1 (NPOs) & Section 2 (Concepts and Pervasive Principles) as well as issues relating to reporting entity, narrative reporting, and financial statements presentation (specifically fund accounting and income deferral).
Get TAG meeting resources from 6 April 2022 and 4 May 2022 by clicking the buttons below
Donor Reference Group: In October 2021, members discussed the ways in which funders use, or could use, general-purpose financial reports of prospective or current grantee NPOs. In January and April 2022, members discussed the ways donors use cash and accrual basis information.
Focus Group: On 7 April 2022, invited participants gave feedback on our draft proposals with respect to narrative reporting.
The blog section on the IFR4NPO website is where we share opinion pieces from our partners, stakeholders and other professionals who have good knowledge about topics regarding financial reporting in the NPOs. Recently we shared a blog written by Humentum’s Associate Consultant, Siham Bortcosh. Siham ‘joined the dots’ from Humentum’s Administrative Cost Research to the implications for IFR4NPO. She made recommendations for how the information in general purpose financial statements could itself contribute to improving the financial health of NPOs.
We share most of the work we do via our website and social media channels.
Our LinkedIn page is vibrant and we are dedicated to posting valuable content regularly, starting conversations and providing resources from our events and webinars. We recently crossed the 2,500 followers mark on LinkedIn, this is a testament to the fact that we have committed professionals who love our content, and love to hear what is happening.
You can reach us via LinkedIn and Twitter by clicking the embedded links.
Thank you for taking the time to read about our progress. Looking ahead, we will be providing monthly updates.
Are there things you would like us to feature in our monthly newsletter? Feel free to reach out to us through the project email. We will be glad to hear from you.
Until my next newsletter, keep well.
Samantha Musoke,
Project Director IFR4NPO
For the Project Team
