Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries
The main objectives of this report are to: (a) provide a synthesized analysis of financial reporting and auditing standards and practices across the countries in which the Institute of Chartered Accountants of the Caribbean (ICAC) is active and (b...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/06/24738727/strengthening-financial-reporting-regimes-accountancy-profession-practices-selected-caribbean-countries http://hdl.handle.net/10986/22469 |
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okr-10986-22469 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
INTERNATIONAL ACCOUNTING STANDARDS ACCOUNTING PRINCIPLES GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK INTANGIBLE ASSETS ACCOUNTING CASH ACCOUNTING DEPOSITS ACCOUNTING PRACTICES BUSINESS COMMUNITY AUDIT OFFICES AUDIT GUIDES FINANCIAL MANAGEMENT ACCOUNTANCY FIRMS GOOD PRACTICES SALES INTEREST LAWS INDUSTRY INTERNAL AUDITS QUALITY OF WORK WATER SUPPLY SERVICES ACCOUNTING FRAMEWORK TAX COLLECTION SELLING RESERVE BANK OF INDIA INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FISCAL POLICY IMAGE CLEARINGHOUSE FINANCIAL STATEMENTS IMPACTS DISTRIBUTION GOVERNMENT ACCOUNTING OWNERSHIP ASSET MANAGEMENT PLANNING QUALITY BUDGETING CENTRAL BANKS REPORTING UNAUDITED FINANCIAL STATEMENTS AUDITS SAFETY NETS BUDGET ACCOUNTING REFORM ACCOUNTING REPORTS SAVINGS TECHNICAL ASSISTANCE CREDIT UNIONS ACQUISITION CONTRACT ENFORCEMENT TRANSPORT RESOURCE MOBILIZATION ACCOUNTING POLICIES PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS PERFORMANCE ACCOUNTABILITY CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION ACCOUNTING FIRMS LOANS LABOR ENTERPRISES NATURAL RESOURCES FINANCIAL SYSTEM LEGAL FRAMEWORK ACCOUNT FINANCE INFRASTRUCTURE TAXES BANKING SECTOR BANKS EXPENDITURE RESOURCES EMERGING MARKETS GAAP AUDITED FINANCIAL STATEMENTS SYSTEMIC RISK ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS CAPITAL ACCOUNTANTS FINANCIAL STATISTICS AUDITORS EXPENSES SOCIAL SERVICES FINANCIAL STABILITY FINANCIAL POLICIES BUDGET PROCESS AUDITED ACCOUNTS VALUE TAX LAWS PENSIONS BANK STATE ENTERPRISES CREDIT QUALITY STANDARDS BUDGETS PUBLIC ENTERPRISES PRUDENTIAL REGULATIONS ACCOUNTANCY CAPITALIZATION MAINTENANCE REPORTING SYSTEMS EXPENDITURES PROPERTY COST FINANCIAL REGULATION ACCRUAL ACCOUNTING AUDIT REPORTS FINANCIAL REPORTING STANDARDS ASSET MANAGEMENT COMPANIES QUALITY CONTROL EASTERN CARIBBEAN CENTRAL BANK LOCAL TAX LAWS PUBLIC DEBT SUBSIDIARY ACCOUNTING SYSTEMS ADMINISTRATION CREDIT RISK GOVERNANCE INSURANCE INTERNAL AUDITING BOOKKEEPING TAXATION CURRENCIES ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT MINISTRIES OF FINANCE BANKING ACCOUNTING RESEARCH FINANCIAL PLANNING COOPERATIVES REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE NONBANK INSTITUTIONS AUDITING STANDARDS AUDIT AUDITING PROFESSION FINANCIAL SYSTEMS GOVERNMENTS CBA IMPLEMENTATION CERTIFIED PUBLIC ACCOUNTANTS AUDITING ECONOMIES FINANCIAL REPORTS |
| spellingShingle |
INTERNATIONAL ACCOUNTING STANDARDS ACCOUNTING PRINCIPLES GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK INTANGIBLE ASSETS ACCOUNTING CASH ACCOUNTING DEPOSITS ACCOUNTING PRACTICES BUSINESS COMMUNITY AUDIT OFFICES AUDIT GUIDES FINANCIAL MANAGEMENT ACCOUNTANCY FIRMS GOOD PRACTICES SALES INTEREST LAWS INDUSTRY INTERNAL AUDITS QUALITY OF WORK WATER SUPPLY SERVICES ACCOUNTING FRAMEWORK TAX COLLECTION SELLING RESERVE BANK OF INDIA INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FISCAL POLICY IMAGE CLEARINGHOUSE FINANCIAL STATEMENTS IMPACTS DISTRIBUTION GOVERNMENT ACCOUNTING OWNERSHIP ASSET MANAGEMENT PLANNING QUALITY BUDGETING CENTRAL BANKS REPORTING UNAUDITED FINANCIAL STATEMENTS AUDITS SAFETY NETS BUDGET ACCOUNTING REFORM ACCOUNTING REPORTS SAVINGS TECHNICAL ASSISTANCE CREDIT UNIONS ACQUISITION CONTRACT ENFORCEMENT TRANSPORT RESOURCE MOBILIZATION ACCOUNTING POLICIES PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS PERFORMANCE ACCOUNTABILITY CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION ACCOUNTING FIRMS LOANS LABOR ENTERPRISES NATURAL RESOURCES FINANCIAL SYSTEM LEGAL FRAMEWORK ACCOUNT FINANCE INFRASTRUCTURE TAXES BANKING SECTOR BANKS EXPENDITURE RESOURCES EMERGING MARKETS GAAP AUDITED FINANCIAL STATEMENTS SYSTEMIC RISK ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS CAPITAL ACCOUNTANTS FINANCIAL STATISTICS AUDITORS EXPENSES SOCIAL SERVICES FINANCIAL STABILITY FINANCIAL POLICIES BUDGET PROCESS AUDITED ACCOUNTS VALUE TAX LAWS PENSIONS BANK STATE ENTERPRISES CREDIT QUALITY STANDARDS BUDGETS PUBLIC ENTERPRISES PRUDENTIAL REGULATIONS ACCOUNTANCY CAPITALIZATION MAINTENANCE REPORTING SYSTEMS EXPENDITURES PROPERTY COST FINANCIAL REGULATION ACCRUAL ACCOUNTING AUDIT REPORTS FINANCIAL REPORTING STANDARDS ASSET MANAGEMENT COMPANIES QUALITY CONTROL EASTERN CARIBBEAN CENTRAL BANK LOCAL TAX LAWS PUBLIC DEBT SUBSIDIARY ACCOUNTING SYSTEMS ADMINISTRATION CREDIT RISK GOVERNANCE INSURANCE INTERNAL AUDITING BOOKKEEPING TAXATION CURRENCIES ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT MINISTRIES OF FINANCE BANKING ACCOUNTING RESEARCH FINANCIAL PLANNING COOPERATIVES REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE NONBANK INSTITUTIONS AUDITING STANDARDS AUDIT AUDITING PROFESSION FINANCIAL SYSTEMS GOVERNMENTS CBA IMPLEMENTATION CERTIFIED PUBLIC ACCOUNTANTS AUDITING ECONOMIES FINANCIAL REPORTS World Bank Group Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| geographic_facet |
Latin America & Caribbean Caribbean |
| description |
The main objectives of this report are
to: (a) provide a synthesized analysis of financial
reporting and auditing standards and practices across the
countries in which the Institute of Chartered Accountants of
the Caribbean (ICAC) is active and (b) provide a basis for
recommendations to ICAC and respective national institutes
for a regional strategy to enhance the accounting profession
and the accounting and auditing practices in the public and
private sectors. This report’s focus on reforms and
identification of areas and means to strengthen the
accounting profession have at their root the conviction that
systemic enhancements to the standards and practices of the
profession can materially improve the lives of the region’s
populace, particularly its less prosperous citizens, through
greater transparency, strengthened economic growth and its
attendant employment and tax revenue prospects, and greater
access to financing for and formalization of the region’s
dominant sector-micro, small, and medium-sized enterprises
(MSMEs). The report finds that a constraint limiting both
investment across the region, particularly to MSMEs that
characterize the respective national economies, and the
efficient use of public resources is the accounting and
auditing practices and the financial reporting regimes that
prevail in both the public and private sectors. This finding
emerges from: (i) a review of Reports on the Observance of
Standards and Codes for Accounting and Auditing (ROSC AA)
conducted by the World Bank for Jamaica, Trinidad and
Tobago, Suriname, and the countries of the Organisation of
Eastern Caribbean States, and (ii) Bank missions to those
countries updating the ROSC findings as well as missions to
countries that have not yet had ROSC AA reviews (during
which the Bank team met the national accountancy body,
regulators of entities that fall within the financial
reporting chain, supreme audit institutions, central banks,
and so forth so as to secure information that would
typically be found in formal ROSC AA reports). |
| format |
Report |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| title_short |
Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| title_full |
Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| title_fullStr |
Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| title_full_unstemmed |
Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries |
| title_sort |
strengthening financial reporting regimes and the accountancy profession and practices in selected caribbean countries |
| publisher |
World Bank, Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/06/24738727/strengthening-financial-reporting-regimes-accountancy-profession-practices-selected-caribbean-countries http://hdl.handle.net/10986/22469 |
| _version_ |
1764451161879871488 |
| spelling |
okr-10986-224692021-04-23T14:04:09Z Strengthening Financial Reporting Regimes and the Accountancy Profession and Practices in Selected Caribbean Countries World Bank Group INTERNATIONAL ACCOUNTING STANDARDS ACCOUNTING PRINCIPLES GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES REGULATORY FRAMEWORK INTANGIBLE ASSETS ACCOUNTING CASH ACCOUNTING DEPOSITS ACCOUNTING PRACTICES BUSINESS COMMUNITY AUDIT OFFICES AUDIT GUIDES FINANCIAL MANAGEMENT ACCOUNTANCY FIRMS GOOD PRACTICES SALES INTEREST LAWS INDUSTRY INTERNAL AUDITS QUALITY OF WORK WATER SUPPLY SERVICES ACCOUNTING FRAMEWORK TAX COLLECTION SELLING RESERVE BANK OF INDIA INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE FISCAL POLICY IMAGE CLEARINGHOUSE FINANCIAL STATEMENTS IMPACTS DISTRIBUTION GOVERNMENT ACCOUNTING OWNERSHIP ASSET MANAGEMENT PLANNING QUALITY BUDGETING CENTRAL BANKS REPORTING UNAUDITED FINANCIAL STATEMENTS AUDITS SAFETY NETS BUDGET ACCOUNTING REFORM ACCOUNTING REPORTS SAVINGS TECHNICAL ASSISTANCE CREDIT UNIONS ACQUISITION CONTRACT ENFORCEMENT TRANSPORT RESOURCE MOBILIZATION ACCOUNTING POLICIES PUBLIC ACCOUNTANTS COLLECTIONS TRANSFERS PERFORMANCE ACCOUNTABILITY CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION ACCOUNTING FIRMS LOANS LABOR ENTERPRISES NATURAL RESOURCES FINANCIAL SYSTEM LEGAL FRAMEWORK ACCOUNT FINANCE INFRASTRUCTURE TAXES BANKING SECTOR BANKS EXPENDITURE RESOURCES EMERGING MARKETS GAAP AUDITED FINANCIAL STATEMENTS SYSTEMIC RISK ACCOUNTABILITY PROCUREMENT INTERNAL AUDITORS CAPITAL ACCOUNTANTS FINANCIAL STATISTICS AUDITORS EXPENSES SOCIAL SERVICES FINANCIAL STABILITY FINANCIAL POLICIES BUDGET PROCESS AUDITED ACCOUNTS VALUE TAX LAWS PENSIONS BANK STATE ENTERPRISES CREDIT QUALITY STANDARDS BUDGETS PUBLIC ENTERPRISES PRUDENTIAL REGULATIONS ACCOUNTANCY CAPITALIZATION MAINTENANCE REPORTING SYSTEMS EXPENDITURES PROPERTY COST FINANCIAL REGULATION ACCRUAL ACCOUNTING AUDIT REPORTS FINANCIAL REPORTING STANDARDS ASSET MANAGEMENT COMPANIES QUALITY CONTROL EASTERN CARIBBEAN CENTRAL BANK LOCAL TAX LAWS PUBLIC DEBT SUBSIDIARY ACCOUNTING SYSTEMS ADMINISTRATION CREDIT RISK GOVERNANCE INSURANCE INTERNAL AUDITING BOOKKEEPING TAXATION CURRENCIES ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK COMMERCIAL BANKS AFFILIATE INTERNAL AUDIT MINISTRIES OF FINANCE BANKING ACCOUNTING RESEARCH FINANCIAL PLANNING COOPERATIVES REVENUE RISK MANAGEMENT ACCOUNTS QUALITY ASSURANCE NONBANK INSTITUTIONS AUDITING STANDARDS AUDIT AUDITING PROFESSION FINANCIAL SYSTEMS GOVERNMENTS CBA IMPLEMENTATION CERTIFIED PUBLIC ACCOUNTANTS AUDITING ECONOMIES FINANCIAL REPORTS The main objectives of this report are to: (a) provide a synthesized analysis of financial reporting and auditing standards and practices across the countries in which the Institute of Chartered Accountants of the Caribbean (ICAC) is active and (b) provide a basis for recommendations to ICAC and respective national institutes for a regional strategy to enhance the accounting profession and the accounting and auditing practices in the public and private sectors. This report’s focus on reforms and identification of areas and means to strengthen the accounting profession have at their root the conviction that systemic enhancements to the standards and practices of the profession can materially improve the lives of the region’s populace, particularly its less prosperous citizens, through greater transparency, strengthened economic growth and its attendant employment and tax revenue prospects, and greater access to financing for and formalization of the region’s dominant sector-micro, small, and medium-sized enterprises (MSMEs). The report finds that a constraint limiting both investment across the region, particularly to MSMEs that characterize the respective national economies, and the efficient use of public resources is the accounting and auditing practices and the financial reporting regimes that prevail in both the public and private sectors. This finding emerges from: (i) a review of Reports on the Observance of Standards and Codes for Accounting and Auditing (ROSC AA) conducted by the World Bank for Jamaica, Trinidad and Tobago, Suriname, and the countries of the Organisation of Eastern Caribbean States, and (ii) Bank missions to those countries updating the ROSC findings as well as missions to countries that have not yet had ROSC AA reviews (during which the Bank team met the national accountancy body, regulators of entities that fall within the financial reporting chain, supreme audit institutions, central banks, and so forth so as to secure information that would typically be found in formal ROSC AA reports). 2015-08-18T15:00:33Z 2015-08-18T15:00:33Z 2015-06-26 Report http://documents.worldbank.org/curated/en/2015/06/24738727/strengthening-financial-reporting-regimes-accountancy-profession-practices-selected-caribbean-countries http://hdl.handle.net/10986/22469 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Accountability Study Latin America & Caribbean Caribbean |