Accounting & Fin. Homogenitation for Inr

closed

The objective of the project is to support a process leading to formalization of a group of at least 15 nonregulated microfinance institutions (NMFI's) in Colombia, by standardizing the management and reporting of their accounting and financial information. The specific objectives are: a) to unify the charts of accounts of the NWIS, through the development and/or adjusting of their internal accounting systems; b) to establish and implement standardized financial accounting formulas and standards, following universal prudential criteria in line with the sector and with the regulations of the Superintendency of Banks; c) to standardize the reporting of accounting and financial information of NMFIs in order to be able to compare their performance and improve their chances of accessing new sources of financing; and d) to support EMPR in developing an ongoing monitoring mechanism to ensure that the management and reporting of accounting and financial information of NMFIs is consistently sound and accurate in the future.