SNV in Uganda wins the prestigious IPSAS award
SNV Uganda continued its winning streak at the 2016 Financial Reporting (FiRe) Awards ceremony scooping the International Public Sector Accounting Standards (IPSAS) award for the second time.
SNV first won the IPSAS award in 2015, emerging overall winner of the coveted award which was introduced in 2015 to recognise public sector entities that use the International Public Sector Accounting Standards in the preparation of their financial statements.
Although most NGOs report using group or individual organisational accounting policies and procedures, in 2014 SNV Uganda adopted IPSAS as a framework for reporting and became the first organisation in Uganda to win the IPSAS award.
SNV Uganda Team with the IPSAS award
Reporting under IPSAS has a number of benefits;
• Improves organisational accountability thereby providing stakeholders with a complete and accurate overview of the organisation’s business and performance
• Greater transparency over the use of donor resources
• Increased credibility for the institution
• Improved overall management and planning as a result of more precise estimates of income and expenditure
• Improved programme management since IPSAS supports the results based management approach under which SNV operates
• Harmonisation of reports and financial statements across the NGOs using IPSAS reporting
The financial reporting awards are organised by the Institute of Certified Public Accountants of Uganda with the aim of improving the quality of financial and business reporting in Uganda.
For more about SNV's work in Uganda