TECHNICAL GUIDE ON ACCOUNTING FOR MICROFINANCE INSTITUTIONS
The Research Committee of the Institute of Chartered Accountants of India has issued a new publication ‘Technical Guide on Accounting for Microfinance Institutions’. This Technical Guide primarily focuses on suggesting an accounting and financial reporting framework for the MFIs for presentation of true and fair view of the state of affairs and the operating results of the activities in the financial statements. The Technical Guide discusses salient features and principal requirements of various Accounting Standards followed by issues that may arise in the course of their application by MFIs.
Microfinance institutions (MFIs) provide vital financial services to the economically deprived members of the society. Different accounting practices exist in the microfinance sector due to various legal forms of the MFIs. This publication seeks to provide a high level of transparency of operations of MFIs by way of sound accounting and financial reporting requirements as a large amount of grants and funds for the poor are involved.
Price Rs. 150