Accounting for Growth in Latin America and the Caribbean : Improving Corporate Financial reporting to Support Regional Economic Development.
Title:
Accounting for Growth in Latin America and the Caribbean : Improving Corporate Financial reporting to Support Regional Economic Development.
Author:
Fortin, Henri.
ISBN:
9780821381113
Personal Author:
Physical Description:
1 online resource (166 pages)
Series:
Directions in Development
Contents:
Title Page -- Copyright -- Contents -- Foreword -- Preface -- Acknowledgments -- About the Authors -- Abbreviations -- Overview -- Chapter 1 Introduction and Background -- Importance of Accounting and Auditing for LAC's Economic Development -- Accounting and Auditing in the LAC Regional Economic Context -- International Momentum for Reform -- Reforming A&A in LAC: Three Success Stories -- Drivers of Reform in LAC Accounting and Auditing -- About This Book -- Notes -- Chapter 2 National Corporate Financial Reporting Frameworks -- Completeness -- Coherence -- Adaptability -- Differentiation -- Conclusion -- Notes -- Chapter 3 Preserving the Good Name of the Accounting Profession -- Structure of the A&A Profession -- Role of A&A Professional Bodies -- Entry Requirements: Limits of a System Based on University Accreditation -- Requirements to Maintain a Professional License -- Regulation and Oversight of the Statutory Audit Function -- Role of International Organizations and Regional Cooperation -- Conclusion -- Notes -- Chapter 4 The Role of Education Systems -- Recent Trends in Higher Education -- Course Content and Quality of Accounting Curricula -- Faculty and Students -- Conclusion -- Notes -- Chapter 5 Adoption of International Accounting and Auditing Standards -- IFRS in LAC: Overcoming the Adopt versus Adapt Dilemma -- Key Challenges in IFRS Adoption -- Establishing a Robust Standard-Setting Framework -- National GAAP: An Uncertain Future -- IFRS for SMEs -- IFRS in the Financial Sector -- Adoption of International Standards on Auditing in LAC -- Conclusion -- Notes -- Chapter 6 Ensuring Compliance with Accounting and Auditing Standards -- Few Incentives to Produce Reliable Financial Information -- Enforcement of Financial Reporting Requirements -- Enforcement of Auditing and Professional Standards -- Disciplinary Regimes -- Conclusion.
Notes -- Chapter 7 A Roadmap for Reform -- Pillar 1: Setting Adequate Requirements -- Pillar 2: Developing Capacity in Accounting and Auditing -- Pillar 3: Enforcement -- The Role of the World Bank and Other Development Partners -- Notes -- A About the ROSC Accounting and Auditing Program -- B Coverage of ROSC A&A Program in Latin America and the Caribbean -- C IFRS Adoption in Latin America and the Caribbean -- D Country Action Plans: Developing a Strategic Vision for Reform and an Agenda for Action -- References and Other Resources -- Glossary -- Index -- Back cover.
Abstract:
The importance of moving toward high-quality, global standards of accounting and auditing has never been clearer. In the midst of the global financial and economic crisis, the leaders of the Group of 20 met and issued their "Declaration on Strengthening the Financial System," placing significant emphasis on sound accounting and auditing standards as a critical piece of the international financial architecture.Transparent and reliable corporate financial reporting underpins much of the Latin America and Caribbean development agenda, from private-sector-led growth to enhanced financial stability, facilitating access to finance for small and medium enterprises, and furthering economic integration. For nearly 10 years, the World Bank has prepared diagnostic Reports on the Observance of Standards and Codes (ROSCs) on Accounting and Auditing (A&A) at the country level. In Latin America and the Caribbean, ROSC A&A reports have been completed for 17 countries. This book takes a step back and seeks to distill lessons from a regional perspective.Accounting for Growth in Latin America and the Caribbeanis the first book to examine financial reporting and auditing in the region in a systematic way, drawing on the World Bank¿s years of experience and analysis in this area. The book is designed to inform the policy dialogue on accounting and auditing issues among government officials, the accounting profession, the private sector, academia, and civil society in LAC countries. It also seeks to disseminate the lessons learned to key players at the international and regional level, including the donor community, in order to generate momentum for reform of accounting and auditing throughout the region.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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Electronic Access:
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