Reporting Standards Terms and Resources

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Reporting Standards Terms and Resources

Accounting ~ Microfinance

Accounting Reporting Standards Terms and Resources

Standards: A technical standard is an established norm or requirement. It is usually a formal document

that establishes uniform engineering or technical criteria, methods, processes and practices.

The following are select leading terms and resources on financial reporting standards world-wide.

IFRS(International Financial Reporting Standards) are interpretations adopted by the International

Accounting Standards Board (IASB). IFRS are considered "principles based" standards establishing broad

rules and dictating specific treatments. They began in 2001, out of the International Accounting

Standards (IAS) issued beginning in 1973 by the International Accounting Standards Committee (IASC).

IAS Plusis a one-stop shop for IFRS information, managed by Deloitte. Available resources thereinclude: e-learning training materials, newsletter, updates, performance checklist, and model

financial statements, among others.

IFRSs in your pocket, 2008:Deloittes booklet summarizing IFRS standards and theirinterpretation. It describes latest developments in IFRS, new projects, and a list of the countries.

IASB(International Accounting Standards Board) is a privately funded, London-based organization

whose goal is to establish a single set of enforceable global financial reporting standards. IASB originated

in 1973 as the International Accounting Standards Committee.

IASB Education Initiative Resources(free to download) Working relationships with local standard settersThis Statement details understanding

between IASB and other accounting standard setters.

Basel IIare the updated recommendations on banking laws and regulations issued by the Basel

Committee on Banking Supervision. They include risk and capital management guidelines for bank

capital reserves. The full definition is lay-persons term is available at:

http://en.wikipedia.org/wiki/Basel_iiA leading resource,Bank of International Settlements(BIS)

provides information on implementation for a wide variety of readers and guides for each pillar / tier

and the necessary requirements.

FASB(Financial Accounting Standards Board) is the United States independent accounting organizationdetermining standards for financial accounting and reporting. Resources to highlight include:

Why Does FASB Have a Conceptual Framework?Article focusing on common questions FASB Codification Project OverviewDocumentation of FASB effort to simplify U.S. GAAP

standards.

XBRL(eXtensible Business Reporting Language) is an open standard, which supports information

modeling and the expression of semantic meaning commonly required in business reporting. XBRL is a
http://www.iasplus.com/http://www.iasplus.com/http://www.iasplus.com/http://www.iasplus.com/http://www.deloitte.com/dtt/article/0,1002,cid%3D184139,00.htmlhttp://www.deloitte.com/dtt/article/0,1002,cid%3D184139,00.htmlhttp://www.iasb.org/http://www.iasb.org/http://www.iasb.org/Education/Resources/Resources.htmhttp://www.iasb.org/Education/Resources/Resources.htmhttp://www.iasb.org/About+Us/About+the+IASB/Working+relationships+with+local+standard+setters.htmhttp://www.iasb.org/About+Us/About+the+IASB/Working+relationships+with+local+standard+setters.htmhttp://www.bis2information.org/http://www.bis2information.org/http://en.wikipedia.org/wiki/Basel_iihttp://en.wikipedia.org/wiki/Basel_iihttp://www.bis.org/http://www.bis.org/http://www.bis.org/http://www.fasb.org/http://www.fasb.org/http://www.fasb.org/articles&reports/conceptual_framework_uti_aug_2001.pdfhttp://www.fasb.org/articles&reports/conceptual_framework_uti_aug_2001.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/FASB%20codification%20overview.dochttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/FASB%20codification%20overview.dochttp://www.xbrl.org/http://www.xbrl.org/http://www.xbrl.org/http://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/FASB%20codification%20overview.dochttp://www.fasb.org/articles&reports/conceptual_framework_uti_aug_2001.pdfhttp://www.fasb.org/http://www.bis.org/http://en.wikipedia.org/wiki/Basel_iihttp://www.bis2information.org/http://www.iasb.org/About+Us/About+the+IASB/Working+relationships+with+local+standard+setters.htmhttp://www.iasb.org/Education/Resources/Resources.htmhttp://www.iasb.org/http://www.deloitte.com/dtt/article/0,1002,cid%3D184139,00.htmlhttp://www.iasplus.com/http://www.iasplus.com/


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standards-based way to communicate business and financial information. One use of XBRL is to define

and exchange financial information, such as a financial statement.

XBRL Demos Interactive demonstrations of how this is applied in organizations. XBRL Case StudiesThese studies explain the background to each XBRL project, the reasons for

adopting XBRL, the main steps involved, key results, lessons learned and next steps.

Microfinance Reporting Standards Terms and Resources

One of the challenges in improving reporting standards is uniform definitions. Industry reference guides

include:

Glossary and Definitions

CGAP Definitions of Selected Financial Terms, Ratios, and Adjustments for Microfinance This Consensus

Guideline puts forward standard definitions for selected financial terms, and standard method of

calculating leading financial ratios.

Translations are available inIngls-EspaolandAnglais-Franais,

The MIX Market Glossary of Terms

ACCION Glossary of Microfinance Related Terms

General Resources

CAMEL: U.S. banking analysis mechanism.

CAMEL (ACCION): ACCION developed diagnostic and management tool that measures the capital

adequacy, asset quality, management, earnings and liquidity of MFIs

CGAP Accounting Standards and Auditing Standards: Industry reference guide and tool for MFI audits

and donor treatment, as well.

FRAME Toolis a FREE reporting system developed by and for microfinance practitioners, in conjunction

with raters, network organizations, donors, and investors. The FRAME Tool is available for download

FREE of charge, in numerous languages.

GIRAFE Rating Systemdeveloped by Planet Finance.

Microfinance Gatewaypage dedicated to Benchmarking/Auditing/Rating.

CGAP Technical Guide: External Audits of Microfinance Institutions Volumes I and II, 2003.
http://www.xbrl.org/Demos/http://www.xbrl.org/CaseStudies/http://www.xbrl.org/CaseStudies/http://www.cgap.org/gm/document-1.9.2784/Guideline_definitions.pdfhttp://www.cgap.org/gm/document-1.9.2784/Guideline_definitions.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_Spanish_English.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_Spanish_English.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_Spanish_English.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_English_French.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_English_French.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_English_French.pdfhttp://www.mixmarket.org/en/glossary/glossary.from.home.asphttp://www.mixmarket.org/en/glossary/glossary.from.home.asphttp://www.accion.org/Page.aspx?pid=257http://www.accion.org/Page.aspx?pid=257http://www.fdicoig.gov/reports02/02-033-508.shtmlhttp://www.fdicoig.gov/reports02/02-033-508.shtmlhttp://microfinanceonline.com/camel.asphttp://microfinanceonline.com/camel.asphttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/CGAP%20acctg%20auditg%20stds.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/CGAP%20acctg%20auditg%20stds.pdfhttp://www.seepnetwork.org/section/frame/http://www.seepnetwork.org/section/frame/http://www.planetrating.com/http://www.planetrating.com/http://www.microfinancegateway.org/resource_centers/socialperformance/article/28260/http://www.microfinancegateway.org/resource_centers/socialperformance/article/28260/http://www.microfinancegateway.org/resource_centers/socialperformance/article/28260/http://www.planetrating.com/http://www.seepnetwork.org/section/frame/http://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/CGAP%20acctg%20auditg%20stds.pdfhttp://microfinanceonline.com/camel.asphttp://www.fdicoig.gov/reports02/02-033-508.shtmlhttp://www.accion.org/Page.aspx?pid=257http://www.mixmarket.org/en/glossary/glossary.from.home.asphttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_English_French.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/Glossary_Spanish_English.pdfhttp://www.cgap.org/gm/document-1.9.2784/Guideline_definitions.pdfhttp://www.xbrl.org/CaseStudies/http://www.xbrl.org/Demos/


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Microfinance Internal Audit Toolkit. New publication from the SEEP Network Financial Services Working

Group. This is a resource for MFIs to use in implementing the internal audit function in their institutions.

It is based on the best practices in the profession of internal auditing drawn from theInstitute of

Internal Auditors.

The MIX(Microfinance Information eXchange) promotes information exchange via:

MIX MARKET,largest MFI global, web-based information platform with data on 1339 MFIs,103 investors and 169 partners.

MFI Benchmarks, 2007 is the most recent aggregated data from 890 MFIs worldwide in 94countries.

MicroBanking Bulletin (MBB)publication providing industry commentary, analysis andbenchmarks.

PEARLS is a monitoring tool created by the World Council of Credit Unions, with a software package to

organize financial information and provide pertinent financial performance ratios.

Philippine Coalition for Microfinance Standards Information requirements for MFIs in the Philippines

Additional Microfinance Resources

The following are valuable resources for other reporting standards work in microfinance and beyond.

Social Performance Management GlossaryTerms and definitions related to social performance,

microfinance, financial institutions, and institutional performance in general.

Social Rating and Social Performance Reporting in Microfinance: Towards a Common Framework

Framework for social rating and an indicative list of dimensions and indicators for social performance

reporting in microfinance.

Guiding Principles on Regulation and Supervision of MicrofinancePrinciples for those engaged in moving

microfinance into the formal financial sector, including terminology and preliminary issues, outlines

areas of regulatory concern that do not call for prudential regulation, addresses prudential treatment

of microfinance and MFIs, looks at challenges surrounding supervision, and summarizes policy

recommendations.

CGAPTransparency Awards: Annual awards to microfinance institutions that have demonstrated

commitment to transparency in financial reporting. See also the CGAPlist of resources for transparency

for microfinance.

Have an additional resource to add to this list? Send it along. Emailhere.
http://www.theiia.org/http://www.theiia.org/http://www.theiia.org/http://www.theiia.org/http://www.themix.org/http://www.themix.org/http://www.mixmarket.org/http://www.mixmarket.org/http://www.themix.org/pub_popup.aspx?publicationID=255&latest=yes&hidepath=yeshttp://www.themix.org/pub_popup.aspx?publicationID=255&latest=yes&hidepath=yeshttp://www.mixmbb.org/Templates/WelcomePage.aspxhttp://www.mixmbb.org/Templates/WelcomePage.aspxhttp://www.woccu.org/http://www.woccu.org/http://www.gdrc.org/icm/rating/rate-6.htmlhttp://www.gdrc.org/icm/rating/rate-6.htmlhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/file_Soical_Performance_Glossary.pdfhttp://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/file_Soical_Performance_Glossary.pdfhttp://www.seepnetwork.org/content/library/detail/4660http://www.seepnetwork.org/content/library/detail/4660http://www2.cgap.org/gm/document-1.9.2787/Guideline_RegSup.pdfhttp://www2.cgap.org/gm/document-1.9.2787/Guideline_RegSup.pdfhttp://www.cgap.org/http://www.cgap.org/http://www2.cgap.org/p/site/c/template.rc/1.11.2217http://www2.cgap.org/p/site/c/template.rc/1.11.2217http://www2.cgap.org/p/site/c/template.rc/1.11.2217http://www2.cgap.org/p/site/c/template.rc/1.11.2217mailto:[email protected]?subject=Additional%20reporting%20standards%20resourcesmailto:[email protected]?subject=Additional%20reporting%20standards%20resourcesmailto:[email protected]?subject=Additional%20reporting%20standards%20resourcesmailto:[email protected]?subject=Additional%20reporting%20standards%20resourceshttp://www2.cgap.org/p/site/c/template.rc/1.11.2217http://www2.cgap.org/p/site/c/template.rc/1.11.2217http://www.cgap.org/http://www2.cgap.org/gm/document-1.9.2787/Guideline_RegSup.pdfhttp://www.seepnetwork.org/content/library/detail/4660http://../AppData/Local/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/0YWUPJTZ/file_Soical_Performance_Glossary.pdfhttp://www.gdrc.org/icm/rating/rate-6.htmlhttp://www.woccu.org/http://www.mixmbb.org/Templates/WelcomePage.aspxhttp://www.themix.org/pub_popup.aspx?publicationID=255&latest=yes&hidepath=yeshttp://www.mixmarket.org/http://www.themix.org/http://www.theiia.org/http://www.theiia.org/

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Reporting Standards Terms and Resources