Interpeace adopts International Financial Reporting Standard (IFRS)
August 6, 2010
Interpeace decided to join the small group of not-for-profit organizations that have adopted this sophisticated standard and started the transition from the Swiss reporting standards to IFRS at the end of 2009.
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that has been developed for the preparation of financial statements for publicly quoted companies. They represent the highest level of financial reporting.
Mike Pejcic, Chief Financial Officer, commenting on the transition to the IFRS system, noted that “while the Swiss financial reporting standards enabled us to implement strong accounting policies and procedures across the organization, the IFRS further strengthens our financial reporting, accountability and transparency to our donors and supporters.”
“We work in a globalised world with our donors coming from across Europe and the US. We wanted to hold ourselves to the higher reporting standards and the IFRS provides that assurance.” Tony Travis, Honorary Treasurer, Interpeace Governing Council.
Interpeace has peacebuilding programmes in Africa, Asia, Central America, Europe and the Middle East. Scott M. Weber, Director-General stated, ‘We have made this move not simply as an accounting exercise but as a strategic initiative across the organization.’
The full report and accounts for 2009 are available upon request. Please write an email to email@example.com