TR1-13 MIX: A Microfinance Use Case for XBRL

Presenter: Scott Gaul

Microfinance Information Exchange (MIX) is a public information resource for the global microfinance sector. Over 1300 microfinance institutions (MFIs) voluntarily share annual and interim financial statements with MIX through our online platform, MIX Market (www.mixmarket.org), and in our annual benchmarks and reports series. MIX has been an active user of XBRL since 2006, first utilizing a custom-developed, closed reporting framework and XBRL taxonomy. In 2008 we initiated a major effort to move to an open reporting framework and a public taxonomy (based on IFRS). Our ultimate objective is the eventual dissemination of XBRL taxonomy standards and data to the global microfinance community. Through this entire process, MIX has relied on XBRL solutions providers, XBRL consultants and the advice and guidance of others. Our presentation covers the challenges and opportunities navigating this landscape, in particular from the perspective of a small institution (dealing with data from even smaller institutions). In addition, we outline the reasons MIX chose to invest in XBRL as a solution, and our vision for how XBRL may help financial sector development. A more complete outline is included below.