presentation ifrs seminar 2011 - world bank mission 26 may 2011

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WORLDBANK SURINAME MISSION: REPORT ON OBSERVANCE OF CODES AND STANDARDS (ROSC) ACCOUNTING & AUDITING IFRS Seminar 2011 1 Cyril Soeri M.A. RA CISA

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Page 1: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

WORLDBANK – SURINAME MISSION:

REPORT ON OBSERVANCE OF CODES

AND STANDARDS (ROSC) – ACCOUNTING & AUDITING

IFRS Seminar 2011

1

Cyril Soeri M.A. RA CISA

Page 2: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Content

Research Objective;

An overview of Reports on the Observance of

Standards and Codes (ROSC);

Lessons Learned in implementing International

Financial Reporting Standards - World Bank

perspective.

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Page 3: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Research objectives

Assess the comparability of national accounting and auditing

standards with International Financial Reporting Standards

(IFRS) and International Standards on Auditing (ISA),

respectively; and the degree to which corporate entities

comply with established accounting and auditing standards in

the country.

Assist the country in developing and implementing a country

action plan for improving the institutional framework, which

underpins corporate financial reporting regime in the country.

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Page 4: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

An overview of ROSC (1)

Methodology – participatory approach with

policymakers and other country stakeholders;

Diagnostic tools:

Part 1: Assessment of accounting and auditing environment;

Part 2: Comparison of national accounting standards and IFRS;

Part 3: Assessment of actual accounting practices;

Part 4: Assessment of auditing standards and practices.

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Page 5: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

An overview of ROSC (2)

Due Diligence Review and Final Report;

Development of a Country Action Plan;

Implementation of the Country Action Plan.

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Page 6: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Lessons Learned in implementing IFRS (1)

1. Misunderstandings as to the nature of international standards;

2. Lack of appropriate mechanisms for granting national authority to international standards;

3. Inconsistencies between international standards and the legal framework;

4. Lack of appropriate linkages between general-purpose financial reporting and regulatory reporting;

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Page 7: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Lessons Learned in implementing IFRS (2)

5. Inappropriate scope of application of international

standards;

6. Non-observability of compliance;

7. Areas for improvement in the standards themselves;

8. Mismatch between accounting and auditing

requirements and market demands;

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Page 8: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Lessons Learned in implementing IFRS (3)

9. Mismatch between accounting and auditing

requirements and the capacity to comply;

10. Mismatch between accounting and auditing

requirements and domestic enforcement capacity;

11. The special role of the international audit firm

networks.

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Page 9: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

World Bank – Mission Suriname

Due diligence review and final report are in

progress;

More information and public awareness sessions to

be followed soon…

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Page 10: Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

Q&A

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IFRS Seminar 2011