CFG and Mango promote new research on financial reporting standards used by charities worldwide

14th November 2013

Charity Finance Group and Mango are on the steering committee for an exciting piece of research on global use of financial reporting standards in non-profits. The research, funded by CCAB and carried out by a group of universities led by Sheffield Hallam, marks the next step in building evidence on this important area.

The project leads on from previous efforts to explore possible development in the future of an international non-profit standard. This has included a symposium event held by CFG in July 2012 with key accounting officials, representation from the International Accounting Standards Board (IASB), and finance directors from major UK and international charities.

CFG and Mango will be sending the research to all their contacts in the UK and worldwide. The organisations, which jointly run an overseas special interest group on non-profit finance management, are urging anyone with knowledge or responsibility for financial reporting in charities to take part.

Caron Bradshaw, CEO at CFG said: “We want the issue of international non-profit reporting standards to move up the agenda. To do this we need a more concrete idea of what is happening internationally now, and where there are gaps in provision. Significantly, this will help us to identify the potential scope of international standards. In the future these might support consistency in reporting, improve transparency and ultimately benefit financial stewardship of essential non-profit funds on an international scale.

“It’s essential that people take part in the research and have their say using the survey – especially, but not exclusively, those with an international interest in non-profits, financial reporting and accountability.”

Tim Boyes Watson, CEO at Mango, said: “Mango and CFG have been working together for more than 3 years to explore the potential for an international financial reporting standard for non-profits. I have previously written an article calling for ‘a broad international coalition to encourage and support the IASB to develop international accounting standards for NGOs’.

"It's vital that those involved in either preparing or using the reports and accounts of non-profits participate in this global survey. We have sent the survey-link out to over 20,000 people that Mango has worked with in 208 countries. I really hope interest in this survey goes viral as there are millions of non-profit organisations globally. Everyone would benefit from having a more consistent set of reporting standards, which would enable non-profit organisations to better account for how we turn money into real change for people and our planet.”
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Notes to editors:

1. CFG is the charity that champions best practice in finance management in the voluntary sector. Our training and development programmes enable finance managers to give the essential leadership on finance strategy and management that their charities need. With more than 2200 members, managing over £19bn, we are uniquely placed to challenge regulation which threatens the effective use of charity funds. For more information, please see www.cfg.org.uk

 
2. Mango helps NGOs do more with their money. We are passionate about raising standards in financial management. We train and advise NGOs in over 50 countries a year and help them find and recruit the best finance staff. See www.mango.org.uk to find out how Mango raises peoples' confidence and skills and gives them the practical tools they need. Tim Boyes-Watson's article 'Stand up for standards!' was originally published in the Charity Finance Yearbook 2011.


3.The combined membership of the five CCAB bodies - ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland - amounts to 245,000 professional accountants in the UK and the Republic of Ireland (354,000 worldwide), according to recent statistics from the Financial Reporting Council (FRC). These significant numbers enable CCAB to speak with authority for the UK accountancy profession.

Although CCAB is contracting with Sheffield Hallam University to deliver the project, it will have equal input from the SHU and Dundee teams. The research is being co-led by Professor Gareth Morgan at SHU and Dr Louise Crawford at University of Dundee.

A Steering Committee comprising accountancy professional bodies, charity umbrella bodies, public practice firms and international charities has been set up to oversee and guide the research and promote its outcomes Those represented are the ACCA, Charity Commission, CFG (Charity Finance Group), CIPFA, ICAEW, Mango, and individuals from Crowe Clark Whitehill, Grant Thornton, MHA MacIntyre Hudson and Oxfam.

Further details of the project can be found here: http://www.ccab.org.uk/  

4. The full survey can be found here: http://www.survey.dundee.ac.uk/ifrnpo  

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