Latest draft guidance covering revenue from grants and donations, grant expenses, inventories and foreign currency translation hopes to engender greater trust in the sector globally.
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IFR4NPO is an initiative to develop global financial reporting guidance for non-profit organisations. It is spearheaded by Humentum and CIPFA to heighten transparency and enhance trust.
If donors do not have access to consistent, high-quality, accurate financial information, why would they continue to invest? This is a top concern for non-profit organisations (NPOs) globally and a concern that Humentum and CIPFA aim to put to rest through the development of an international non-profit reporting standard.
Humentum itself is a non-profit working with humanitarian and development organisations to improve how they operate. It is located across several continents but ICAEW member Samantha Musoke, Humentum s Project Director IFR4NPO, is based in Uganda where the flow of donations through non-profit organisations is vital, and so is the reporting of it.