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Accountancy & Audit Reform Experiences, Challenges and Key Success Factors

Accountancy & Audit Reform Experiences, Challenges and Key Success Factors. Henri Fortin, Head, World Bank Centre for Financial Reporting Reform. Centre for Financial Reporting Reform. Responsible for the WB corporate financial reporting activities in ECA ( Europe and Central Asia)

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Accountancy & Audit Reform Experiences, Challenges and Key Success Factors

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  1. Accountancy & Audit ReformExperiences, Challenges and Key Success Factors Henri Fortin, Head, World Bank Centre for Financial Reporting Reform

  2. Centre for Financial Reporting Reform • Responsible for the WB corporate financial reporting activities in ECA (Europe and Central Asia) • Established in 2007 • Based in Vienna • External partnerships and support to other regions and units • 18 staff plus network of experts • Comprehensive mix of skills and experience • Global distance learning studio

  3. CFRR in ECA region • Shared strategic priorities: • Restoring competitiveness • Regional integration • EU membership EU Member States EU Neighboring Countries EU Enlargement Countries Other CIS countries

  4. What we do Diagnostics and publications • ROSC A&A reports • Specialized areas (tax v. fin. reporting, audit oversight systems, etc.) • Technical Assistance • In-country support and advice • Technical help desk and hotline • Partnerships • Globally: IASB, IFAC, etc. • Regionally: EC, FEE, etc. • In country: Government, Professional Accountancy Organization(s), etc. • Knowledge Activities • Conferences • Workshops • Virtual seminars • Newsletter • Website

  5. Our approach • International standards (IFRS, ISA, etc.) • EU acquis communautaire • other good practices Tailored support for effective, sustainable implementation How? Peer learning, practice forum What? Knowledge sharing Lessons from successful implementation in participating countries

  6. 4 attributes of national statutory frameworks Completeness Coherence Adaptability Differentiation

  7. Financial reporting: why and for who? Growth and employment generation Improved public administration Financial stability and development Investors Reliable, transparent and comparable accounting and financial reporting Tax authorities Banks Financial sector regulators Statistics office While avoiding undue costs Public at large

  8. Financial reporting: multiple uses and benefits Make investment decisions and protect value of assets Investors / shareholders (+ broker-dealers, rating agencies, advisers, etc.) + Financial-sector supervision Degree of sophistication in the information provided Financial institutions Trade creditors Employees, job applicants Public procurement agency Make credit decisions, monitor credit quality/risk Protect rights as creditors Ensure solvency of bidders Monitor/enforce tax collections (corporate income taxes and VAT) Tax authorities Statistical agency, central bank Collect data for macroeconomic policies User(s) Benefit(s)

  9. Financial reporting: by who? Preparers of the F/S (joint-stock companies, other enterprises) Investors, lenders, other F/S users F/S Business Register FR standards Audit report Statistics agency Accounting standard setter Auditor Tax Authority Prof. standards Registration Quality control Discipline Professional accountancy organization(s) Public Oversight System Financial-sector regulator(s) cooperation

  10. Due process for IFRS adoption: example of the EU Source: European Commission

  11. Financial reporting obligations at EU-level Adapted from European Commission 2011 Micro-entities + New directive - 2012 Minimal requirements*

  12. Marco contable “diferenciado” Source: ROSC A&A Honduras

  13. Sources • ROSC Accounting and Auditing reports www.worldbank.org/ifa/rosc_aa.html • CFRR Programs • Specifically for Latin America and the Caribbean: lessons-learned publication on financial reporting reform • http://go.worldbank.org/OFKEZQWME0 • www.worldbank.org/cfrr

  14. Thank you Gracias Merci Obrigado Vielen Dank Спасибо Dziękuję Мерци Mulţumesc ありがとう شكرا Hvala Falemnderit

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