This was originally posted on the IFR4NPO website.
CIPFA and Humentum announced today that Kris Peach has been appointed as the new chair of the IFR4NPO (International Financial Reporting Standards for Non-Profit Organisations) project Steering Group.
The Steering Group, which has been chaired for the last three years by Pamela Monroe-Ellis, Auditor General of Jamaica, oversees the governance of the IFR4NPO project. IFR4NPO is a joint initiative being delivered by CIPFA and Humentum to develop the first ever international financial reporting guidance for non-profit organisations.
Kris Peach’s appointment comes at a crucial time for the project, with the first Exposure Draft of International Non-Profit Accounting Guidance (INPAG) already issued, and the second and third due for release later this year. She brings a wealth of experience in leadership and governance. As the former chair and CEO of the Australian Accounting Standards Board, she has extensive knowledge of national and international financial reporting and accounting standard setting.
Kris Peach spent more than 5 years as Chair and CEO of the Australian Accounting Standards Board (AASB) and 28 years with KPMG as a technical accounting expert. She is currently a Director at Goulburn Murray Rural Water Corporation, genU, U Ethical and Permanent Care and Adoptive Families. She is an independent member of the Victorian Department of Families, Fairness and Housing Audit and Risk Management Committee and the Public Interest Oversight Board’s Standard Setting Boards Nominations Committee.
She holds a Master of Business – Accountancy, and is a Fellow of Chartered Accountants Australia and New Zealand as well as a Graduate of the Australian Institute of Company Directors.
In a joint statement, Rob Whiteman, CIPFA CEO and Christine Sow, Humentum CEO, said:
“We are delighted that Kris has accepted this role. Her passion for high quality financial reporting and first-hand experience of the issues that non-profit organisations face will be a huge asset to the project. We would also like to take this opportunity to thank Pamela Monroe-Ellis for her valuable support and leadership steering the project over the last three years.
We are looking forward to seeing this truly world-leading initiative progress and develop further over the coming years under Kris’s strong and capable leadership.”
Kris Peach, IFR4NPO Steering Group Chair, said:
“The IFR4NPO project is so important as it will give non-profits everywhere confidence in their financial reporting and build trust with their stakeholders. I think it’s critical to establish the right governance and strategic relationships to ensure INPAG will have sufficient credibility and enforceability to gain international acceptance and adoption, and that it can form a strong basis for future improvements in not-profit sector accountability.”
Humentum is a global non-profit that unlocks the strategic power of operating models for social good organizations. We focus on practical solutions to improve the effectiveness of finance, people, risk and compliance processes through the lens of equity, resilience and accountability. We strengthen organizations through: Individual, group, and organization training; expert consulting delivered by professionals with years of global experience; a robust membership community for peer-to-peer networking, resources, and problem-solving; dynamic advocacy to address the sector’s most pressing operational issues.
IFR4NPO is an 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. The first Exposure Draft of International Non-Profit Accounting Guidance is available to read on the IFR4NPO website.
CIPFA is a global professional body, operating at local, national and international level. As a global leader in public financial management and governance, our aim is to make a difference to the world we live in.