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