The cooperative and mutual enterprise (CME) model does not fit with the norms and standards established for either purely private, or purely philanthropic or state organized enterprise (Mazzarol et al., 2018). Instead, cooperatives are signing up to and adhering to the cooperative values of self-help, self-responsibility, democracy, equality, equity, and solidarity. e Currently, accounting regulation and standards for cooperatives are fragmented at national and international levels (Mantzari et al., 2021). In most national contexts, existing accounting frameworks do not allow cooperatives to report their performance and difference in line with cooperative values and principles. Consequently, internationally, cooperatives are not able to concretely demonstrate and explain the cooperative difference and socio-economic contribution through their accounting and accountability reports. This fact undermines the visibility of cooperatives and their socio-economic contributions. The paper explores the current status and challenges of financial reporting frameworks and practices of cooperatives internationally, by comparing issues arising in financial reporting for cooperatives in Canada, Spain, the United Kingdom, Kenya, Madagascar, Tanzania and Peru. The aim is to provide insights about the current practices and challenges in relation to cooperative accounting internationally. Co-operatives in different countries face challenges in relation to accounting for member participation; capital/equity versus liability; classifying funds; distribution of funds etc. The different accounting standards for cooperatives, even in the same type of cooperative sector, mean that there is lack of comparability, faithful representation, and understandability.