Welcome to our July newsletter. It’s been a busy and exciting month making presentations about how International Non-Profit Accounting Guidance (INPAG) will transform the financial ecosystem. The potential impact of the Practice Guide 1 on donor reporting harmonization has been particularly mind blowing. ACCA is the latest organisation to join our ‘Support us’ campaign. An 8th donor has signed the statement of support, with more on the way. One CFO from a European foundation said: ‘How come I had not heard of this before? – it’s amazing!’ Clearly, we need to sing louder, with some catchier tunes, and in more venues!
We are still in public consultation mode, open to receive feedback on the proposals in INPAG Exposure Draft 3 until 16 September. Read on for some great resources, calls to action and updates.
Don’t miss this fabulous podcast with the Ford Foundation and the Nigeria Network of NGOs! These stakeholders come from ‘opposite’ sides of the spectrum – one a major donor in USA, another representing local NPOs in Africa’s largest country. Both non-accountants, they have grasped the transformational potential for INPAG to impact:
• Unrestricted and flexible funding
• Donor reporting
• Coverage for support costs
Check out the blog here to read more about their conversation. You can also listen to the podcast.
All the explainer videos are now available in English, French and Spanish.
• Overview of ED3
• Classification and reporting of expenses
• Fund accounting
• INPAG and donor reporting (Supplementary statements)
• Other topics in ED3
If you want to know about the proposals in ED3 read the ‘Invitation to Comment’ document. It includes a summary, diagrams, and specific questions for your feedback. This is now available in English, Spanish and French.
So far – 4 webinars with 1,219 registrations, from people in 123 countries! You can now catch up on any missed sessions through a dedicated playlist on our YouTube Channel. The descriptions include questions that were addressed. Please note that we have also rescheduled the Illustrative Financial Statements event from 23 July to 14 August. Please register!
Your opinion and perspective matters. Please take a moment now to let us know if you intend to submit a response, by completing this form. This will enable us to support you as you need.
Here’s a short ‘How-to’ video from Samantha Musoke guiding you through 4 simple steps.
Watch the here.
Over the past few weeks, over 32 organisations and 45 individuals from 20 countries have joined the INPAG ‘support us’ campaign, including major stakeholders from the accounting profession and the development sector, as well as many other smaller organisations.
You can also add your name or logo by filling the form on the page. Demonstrating your support for improved quality of reporting and reduced burden from multiple formats, helps us advocate with decision makers.
Is your donor reporting system reliable? Many donor reports differ significantly from general financial statements, complicating reconciliation and increasing risks such as double funding. We’re pleased to share a new blog by David Wortham, who explores the transformative potential of the INPAG and its role in enhancing transparency. Read the blog here.
One of the comments from a participant in our recent webinar on ‘INPAG and donor reporting’ was “The donors will never agree to it!”. We are delighted to show that donor organisations are engaging and committed to providing their feedback! Check out our Donor Statement of Support page. The latest addition to the list is the Children’s Investment Fund Foundation, who have joined USAID, FCDO and others.
Plans are coming together for our outreach events in Asia next month. We are holding a regional consultation roundtable to get feedback on proposals in Exposure Draft 3, on 21 August in Kuala Lumpur, kindly hosted by the Malysia Accounting Standards Board. We are also looking forward to meeting with key stakeholders in Bangladesh and Malaysia. We are grateful for the great support we have received in setting up these events and meetings.
The Technical Advisory Group met on 16 July 2024. The papers and recording are available here. The recording from the May 14 TAG meeting is also now available.
We held the first of our standing focus group meetings on 18 July, on the topic of describing NPOs and equity claims. We are grateful to those who participated! Have a look at the thought-provoking poll below.
