Presentation IFRS Seminar 2011 - World Bank Mission 26 May 2011
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Transcript of 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
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.
2
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.
3
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.
4
An overview of ROSC (2)
Due Diligence Review and Final Report;
Development of a Country Action Plan;
Implementation of the Country Action Plan.
5
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;
6
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;
7
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.
8
World Bank – Mission Suriname
Due diligence review and final report are in
progress;
More information and public awareness sessions to
be followed soon…
9
Q&A
10
IFRS Seminar 2011