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CFG responds to first ever consultation on developing global financial reporting standards

CFG urges members to get involved in Part Two of IFR4NPO's consultation on international reporting.

Charity Finance Group (CFG) has submitted a consultation response to an international initiative that is developing the world’s first internationally applicable financial reporting guidance for non-profit organisations (NPOs).

The IFR4NPO project grew out of early discussions among various accountancy bodies and interested parties convened by CFG and was launched in 2020 by Humentum and CIPFA.

Representing the UK as a Country Champion, CFG has responded to the first part of a two-part consultation which will shape the next stages of the project.

Roberta Fusco, Director of Policy and Communications at CFG, comments:

“CFG is very proud to be part of the IFR4NPO project which will shape the future of international financial reporting for non-profit organisations.

“This work brings together organisations from around the world, and brings us significantly closer to achieving the long-held ambition of a dedicated, non-profit reporting standard. While we have a mature reporting regime here in the UK with SORP, it’s vital that we support and engage with the project and share our expertise where we can.

“This is a long-term project with many moving pieces, but the opportunity to influence a major transformation in international charity accounting, and ultimately build greater trust and accountability, is one we should not miss today or further down the line.

“I encourage all interested parties to take a look at the consultation and get involved.”

Read CFG's consultation response.

 

Notes to editors:

About IFR4NPO

IFR4NPO is a project led by Humentum and CIPFA which aims to improve the clarity and consistency of NPO financial reports, resulting in greater credibility and trust in the non-profit sector globally.

Part 1 of the Consultation Paper focuses on broad themes and examines which organisations are regarded as non-profit, the needs of their stakeholders and users of financial information. It also considers the basis of the guidance, including the accounting basis and the role of international financial reporting standards.

CFG’s response to Part 1 of the IFR4NPO consultation urges a focus on the financial elements in the development of new standards.

Part 2 of the consultation, which closes for comments on 24 September 2021, considers technical aspects and non-profit specific financial reporting issues.

CFG urges its members and other interested organisations to engage in the next stage of the consultation and ensure that the considerable knowledge, expertise and experience of UK charity finance professionals is shared. CFG will be consulting with its members in early September.

To find out more about the IFR4NPO project and the consultation, visit the website.

 

For more information, email:

Roberta Fusco, Director of Policy and Communications, CFG.

Emma Abbott, Communications Manager, CFG.

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