XBRL International has published a case study from the nonprofit Microfinance Information Exchange (MIX) outlining MIX’s efforts to implement and develop an XBRL (eXtensible Business Reporting Language) taxonomy for microfinance. XBRL is a business reporting language that streamlines financial information. It is widely used in Europe and has been adopted by major players elsewhere, such as the US Securities and Exchange Commission, the Bank of Japan and the Shanghai Stock Exchange.

Mr Scott Gaul, Product Development Manager at MIX, stated, “The goal [of this project] is a genuinely global data collection using XBRL. MIX seeks to translate diverse data from microfinance institutions into a form readable by an equally diverse set of stakeholders… MIX looks to support standards within the microfinance community through use of an XBRL taxonomy and use of XBRL as a common language for exchange of information on microfinance institutions.”

By: Stefanie Rubin, Research Associate

About the Microfinance Information Exchange (MIX):

Established in 2002, Microfinance Information Exchange (MIX) is a nonprofit organization with headquarters in Washington, DC, and regional offices in Peru, Senegal, India and Indonesia. MIX provides detailed financial and social performance information from microfinance institutions (MFIs), as well as business information from market facilitators and donor organizations and investors in microfinance. MIX was founded by CGAP (Consultative Group to Assist the Poor) and is sponsored by Citi Foundation, Deutsche Bank Americas Foundation, International Fund for Agricultural Development (IFAD), and the Bill & Melinda Gates Foundation.

Additional Resources:

MIX XBRL Case Study: http://www.themix.org/sites/default/files/MIX%20XBRL%20Case%20Study%2003.03.10_0.pdf

The Microfinance Information Exchange Press Room: MIX Case Study Published by XBRL International: http://www.themix.org/press-release/mix-case-study-published-xbrl-international

MicroCapital Universe: The Microfinance Information Exchange (MIX): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Information+Exchange+%28MIX%29

MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Taxonomy Recognized by XBRL International: http://www.microcapital.org/microcapital-brief-microfinance-information-exchange-mix-taxonomy-recognized-by-xbrl-international/

XBRL: http://www.xbrl.org/Home/