TAILIEUCHUNG - REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) - 2007

Our paper extends the literature on the relation between corporate governance and earnings management in two ways. First, unlike earnings management, which most firms might engage in routinely to varying degrees, a misstatement of earnings is a rare and serious event in the life of a company. As Zoe-Vonna Palmrose and Susan Scholz point out, a restatement can trigger an SEC investigation, lead to replacement of top executives, and result in the firm being significantly penalized by Many restating firms subsequently end up in bankruptcy. Second, the measurement of earnings management is an academic construct; there is no “smoking gun” that shows that earnings were indeed manipulated by managers | REPORT ON THE OBSERVANCE OF STANDARDS AND CODES ROSC Republic of Kazakhstan ACCOUNTING AND AUDITING May 2007 Contents Executive Summary I. II. III. IV. V. VI. Introduction Institutional Framework Accounting Standards as Designed and as Practiced Auditing Standards as Designed and as Practiced Perceptions of the Quality of Financial Reporting Policy Recommendations Executive Summary This report provides an assessment of accounting financial reporting and auditing requirements and practices within the enterprise and financial sectors in Kazakhstan. The report uses International Financial Reporting Standards IFRS and International Standards on Auditing ISA and draws on international experience and good practices in the field of accounting and audit regulation including in European Union EU Member States to assess the framework for financial reporting and to make policy recommendations. The policy recommendations aim to help the Kazakhstan Government to support the country s integration into the global economy in particular through strengthening the corporate sector s accounting financial reporting and auditing practices. Establishing Kazakhstan as one of the 50 most competitive economies in the world through integration into the global economy was named as the top priority for the country s economic development by the President of Kazakhstan in his address to the nation on March 1 2006. A key component of developing this competitiveness is the existence of high quality financial information for Kazakhstan companies that foreign partners can easily understand and trust this information should be readily available and should be prepared and audited in accordance with international standards. Kazakhstan has a population of million and gross domestic product GDP per capita of US 5 100 as of 2006. Real GDP growth since 2000 has averaged 9 percent per year driven in large part by foreign investment in the oil sector. In fact Kazakhstan has been quite successful in .

• Kế toán - Kiểm toán
• lockup expirations
• seasoned equity issues
• Urban Residues
• Composite Natural Material
• Wood Polymer Composites
• Engineered Membranes