Paper
Microfinance Industry- Financial Reporting Standards Initiative Survey Results
Instituting a centralized body to lead financial reporting standards
6 pages
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.
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