Azahar Ali, FCA has been appointed as Country Champion from Bangladesh for IFR4NPO project. He has been working with Concern Worldwide, Bangladesh as Country Financial Controller and Assistant Country Director. He is a fellow member of Institute of Chartered Accountants of Bangladesh (ICAB)
IFR4NPO (https://www.ifr4npo.org/) is a global initiative to develop the world’s first internationally applicable Financial Reporting guidance for Non-Profit-Organisations. This will improve the clarity and consistency of NPO financial reports, resulting in greater credibility and trust in the not-for-profit sector globally.
His role would be is to actively support and encourage the engagement of relevant stakeholders in the country with the development of international financial reporting guidance for Non Profit Organizations through the IFR4NPO project. Led by Humentum, a non-profit membership association, and CIPFA, the Chartered Institute of Public Finance and Accountancy in UK, the highly collaborative project design includes engagement with 12 national standard setters, and practitioners from all over the world. Currently there are no international standards guiding NPOs how to prepare their annual audited accounts. While a few countries have their own standards for NPOs, these differ from each other. International standards that exist for businesses do not address all the needs of NPOs’ stakeholders, like accounting for grants.
The IFR4NPO initiative represents a once in a generation opportunity to transform the financial reporting landscape and create a much more solid foundation for the non-profit sector to demonstrate its accountability and secure the trust of its many stakeholders. The International Accounting Standards Board and the International Public Sector Accounting Standards Board are aware and actively observing the development process.