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Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011
 

Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011

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    Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011 Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011 Presentation Transcript

    • 1 WORLDBANK – SURINAME MISSION: REPORT ON OBSERVANCE OF CODES AND STANDARDS (ROSC) – ACCOUNTING & AUDITINGCyril Soeri M.A. RA CISA IFRS Seminar 2011
    • Content2  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.
    • Research objectives3  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.
    • An overview of ROSC (1)4  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.
    • An overview of ROSC (2)5  Due Diligence Review and Final Report;  Development of a Country Action Plan;  Implementation of the Country Action Plan.
    • Lessons Learned in implementing IFRS (1)6 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;
    • Lessons Learned in implementing IFRS (2)7 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;
    • Lessons Learned in implementing IFRS (3)8 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.
    • World Bank – Mission Suriname9  Due diligence review and final report are in progress;  More information and public awareness sessions to be followed soon…
    • 10Q&A IFRS Seminar 2011