Speaker's Corner 35: MFI Reporting Standards: MicroLinks- Microenterprise Learning Information and Knowledge Sharing (4.1.3 )

New Developments in MFI Reporting Standards
www.microlinks.org/sc/standards
July 21 and 22, 2009

The two-day online discussion, co-hosted by microLINKS and The SEEP Network, finished but the dialogue about New Developments in MFI Reporting Standards continues on the SEEP Network Website:

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View the complete transcript of the initial Speaker's Corner discussion.

Introduction: Facilitated by the SEEP Network Financial Services Working Group (FSWG), this microLINKS Speaker's Corner followed a July 15 After Hours Seminar and Webinar on New Developments in MFI Reporting Standards. The online discussion--hosted on the SEEP Network's Member Area on July 21 and 22-- invited microfinance practitioners, accounting professionals, investors, donors, and other interested parties to discuss and provide input on this topic that is of increasing importance to the industry.

The dialogue touched on a range of significant issues related to financial reporting, transparency for investment decision-making, and industry mechanisms for future standards setting of all types. Participants discussed advances in international accounting standards, such as the International Financial Reporting Standards (IFRS), and their implications for reporting for MFIs, as well as provide feedback on new draft language on standards settings developed by the SEEP Network’s Microfinance Reporting Standards Initiative. Visit the Initiative's web page for additional information, including research documents.

Facilitators: This Speaker’s Corner was hosted by Drew Tulchin, of Social Enterprise Associates and lead of the SEEP Network Microfinance Reporting Standards Initiative. Discussion facilitators included: Ruth Dueck Mbeba, Blaine Stephens, Lynn Exton, Sheri Sexton, Eileen Miamidian and Scott Gaul.

Daily Topics: Each day, participants were invited to discuss their own experiences, ideas, and resources related to new developments in MFI reporting standards:

Day 1 (July 21): Barriers and solutions for MFI reporting: The first day focused on the challenges and proposed steps forward related to reporting, standards setting, and transparency in the microfinance industry. Participants were invited to share challenges related to reporting and standards settings, as well as provide feedback on new draft language on standards setting developed by the SEEP Network’s Microfinance Reporting Standards Initiative. New microfinance reporting ratios for savings and capital adequacy will be proposed for feedback. Key questions for Day 1 included: How should microfinance, as an industry, move towards consensus decision-making for standards and financial reporting? What is missing in the current Consensus Guidelines? What ratios for savings and capital adequacy would improve reporting for MFIs?
Facilitators: Drew Tulchin, Eileen Miamidian and Lynn Exton.
Day 2 (July 22): International standards: On the second day, participants discussed the impacts of new developments in financial reporting standards on microfinance institutions. This included International Financial Reporting Standards (IFRS), Extensible Business Reporting Language (XBRL), and other developments already affecting MFIs and the industry. Key questions for Day 2 included: What is IFRS and how will it affect our activities? What are the implications of country-level standards requirements upon international financial reporting efforts? How are they reconciled? What is new in financial reporting and what is upcoming that we need to consider? How are MFIs, national networks, and international networks addressing IFRS requirements?
Facilitators: Ruth Dueck Mbeba, Scott Gaul, Sheri Sexton, and Blaine Stephens.

What is a Speaker's Corner?
A Speaker's Corner is an online discussion designed to help practitioners share and learn from each other's experiences. You can participate by reading and posting messages directly on this page or by responding to postings through your e-mail. Speaker's Corners are organized monthly. An overview of upcoming discussions is posted on our main Speaker's Corner page. See also the frequently asked questions about virtual conferences.

Presentation

After Hours #33: New Developments in Reporting Standards for the Microfinance Industry@

Documents

Synthesis Document Synthesis.pdf Publication Date 09/2009

Transcript July Speaker's Corner Transcript.pdf Publication Date 08/2009

Website Link

Microfinance Reporting Standards Initiative: Terms and Resources (Go)

SEEP Enterprise Development Exchange (Go)

SEEP Microfinance Reporting Standards Initiative (Go)