Paper

Microfinance Industry- Financial Reporting Standards Initiative Survey Results

Instituting a centralized body to lead financial reporting standards
This brief presents a summary of the results of the “"Financial Reporting Standards for Microfinance"” survey conducted by the SEEP Network from September to October, 2008. The survey involved 160 respondents representing a wide range of industry stakeholders.Overall, respondent concurred that financial reporting standards are a priority for the industry and individual institutions. Survey results indicate the need for:
  • Developing consensus within the industry on a common platform for reporting;
  • Establishing external connection with international standards efforts, such as the International Accounting Standards Board (IASB);
  • Formal entity such as a committee to serve the initiative, but respondents were not unanimous on its management;
  • Centralized body to lead financial reporting standards for microfinance, although respondents could not arrive at a consensus on where to house this centralized body. 44 percent suggested housing it within an existing microfinance support organization.
Survey results highlight extensive common ground among stakeholders as well as interest in advancing the financial reporting standards initiative for microfinance.

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