Pablo San Martín, President of SMS, joins an international body that issues accounting and financial standards for not-for-profit organizations
The international initiative IFR4NPO to develop internationally applicable financial reporting guidance for non-profit organizations has appointed Pablo San Martín, Founder and President of SMS Latinoamérica, as a member of the PAG (Practitioner Advisory Group) on behalf of the member firms of the Forum of Firms, an independent association of international networks linked to IFAC (International Federation of Accountants).
IFR4NPO is a global initiative to develop financial reporting guidelines to be applied internationally for not-for-profit organizations. In that respect, it aims to improve accountability, consistency, transparency and trust in these institutions.
There are no specific international standards to guide such organizations on how to prepare their financial statements. Even though some countries have their own standards, they differ from one another. In that sense, the international standards that exist for companies do not address all the needs of nonprofit stakeholders, such as accounting for grants and donations.
Thus, the IFR4NPO initiative represents a unique opportunity to transform the financial reporting landscape and create a more solid basis for the nonprofit sector to show its information in a comparable manner and ensure confidence to its many stakeholders.
"I am very excited to participate in the project, because having an accounting standard specifically designed for NGOs will promote transparency, accountability and will facilitate the flow of finances to improve the quality of life and achieve a better relationship with the planet, especially in regions like Latin America, where they have so much social and environmental impact," said Pablo San Martin.
About SMS Latinoamérica
SMS Latinoamérica is an international organization whose member firms specialize in auditing, tax advice and consulting services for companies. Since 2008, it has been admitted as a full member of the Forum of Firms, an association that brings together the firms around the world (under the supervision of IFAC) complying with international auditing and quality control standards. SMS Latinoamérica has offices in 21 countries in Latin America and the Caribbean, thereby forming an organization that brings together more than 1,800 professionals. More information: www.smslatam.com / [email protected]