TAILIEUCHUNG - IMPLEMENTATION OF INTERNATIONAL ACCOUNTING AND AUDITING STANDARDS: Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program

To be effective in a national setting, international standards require the force of law or other regulatory backing. If not, compliance becomes a matter of non-transparent discretion on the part of preparers and auditors of financial statements, outside the constraints of any regulatory framework. In such cases, the standards should more properly be considered “offshore” rather than “international.” There is currently no international consensus on what mechanisms should be used to provide regulatory backing, and different countries have adopted different approaches, many of which fail to achieve their stated objective. Countries are also bound by their constitutional and administrative law,. | IMPLEMENTATION OF INTERNATIONAL ACCOUNTING AND AUDITING STANDARDS Lessons Learned from the World Bank s Accounting and Auditing ROSC Program September 2004 John Hegarty Frédéric Gielen Ana Cristina Hirata Barros CONTENTS Executive I. Introduction and II. Impediments to the Successful Implementation of International a. Misunderstandings as to the nature of international b. Lack of appropriate mechanisms for granting national authority to international c. Inconsistencies between international standards and the legal d. Lack of appropriate linkages between general-purpose financial reporting and regulatory e. Inappropriate scope of application of international f. Non-observability of g. Areas for improvement in the standards h. Mismatch between accounting and auditing requirements and market i. Mismatch between accounting and auditing requirements and the capacity to comply. 11 j. Mismatch between accounting and auditing requirements and domestic enforcement k. The special role of the international audit firm III. The Need for International Consensus on a Comprehensive Framework of Principles for the Regulation of Accounting and APPENDIX Overview of the Accounting and Auditing ROSC ACRONYMS A A Accounting and Auditing EU European Union FoF Forum of Firms FSAP Financial Sector Assessment Program IAASB International Auditing and Assurance Standards Board IAIS International Association of Insurance Supervisors IAS International Accounting Standards IASB International Accounting Standards Board IASC International Accounting Standards Committee IFAC International Federation of Accountants IFRS International Financial Reporting Standards IMF International Monetary Fund IOSCO International Organization of Securities Commissions ISA International Standards on Auditing ROSC Report on the Observance .

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