Sustentabilidade Financeira, Dependência de Subsídios e Transparência Contábeil em Microfinanças: Uma Aplicação a IMF Brasileiras

Abstract

The self-sustainability of microfinance institutions (MFI) is decisive to the development of their activities, to overcome the subsidy dependency on the public sector and to stimulate savings and financing of productive activities of low-income populations. The self-sustainability is a determinant issue to the MFI growth based on their own forces and to their access to financial markets in order to leverage their activities. The peculiar features of the MFI, specially in their funding structure, remit to the necessity of adequacy of their financial statements to make them express realistically their performance, as the conventional accounting practices do not register clearly enough the subventions received by the sector. This article presents a model of financial statements adapted to the MFI and applies it to analyze two Brazilian MFI.