The International Financial Reporting for Non-Profit Organizations #IFR4NPO initiative is a five-year project led jointly by Humentum and CIPFA to develop the first ever NPO international financial reporting guidance, which can command support from the accounting community and NPOs, funders and regulators.
#IFR4NPO aims to bring clarity and consistency to the NPO sector which must win the trust of its many national and international stakeholders with high quality reporting, through its general purpose financial statements. The initiative also endeavours to reduce the current burden and duplication of effort for both NPOs and funders in meeting multiple and, at times, conflicting financial reporting requirements.
- Set a clear, consistent benchmark of what good financial reporting looks like for NPOs internationally
- Support greater harmonization of funders’ financial reporting requirements to save time and administrative costs for funders and NPOs
- Provide basis for comparison between NPOs across jurisdictions
- Creating a collaborative and inclusive process involving NPO stakeholders and standard setters from around the world.
To read the Humentum press release in full, click here.