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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) - PowerPoint PPT Presentation
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Accountancy & Audit ReformExperiences, Challenges and Key Success Factors
Henri Fortin, Head, World Bank Centre for Financial Reporting Reform
Centre for Financial Reporting Reform
2
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
CFRR in ECA region
3
EU Member States EU Neighboring Countries
EU Enlargement Countries Other CIS countries
Shared strategic priorities:- Restoring competitiveness- Regional integration- EU membership
What we do
4
Knowledge Activities– Conferences– Workshops– Virtual seminars– Newsletter– Website
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.
Diagnostics and publications– ROSC A&A reports– Specialized areas (tax v. fin.
reporting, audit oversight systems, etc.)
Our approach
Knowledge sharing
Tailored support for effective, sustainable
implementation
Peer learning, practice forum
Lessons from successful implementationin participating countries
• International standards (IFRS, ISA, etc.)
• EU acquis communautaire• other good practices
What?
How?
5
Completeness
4 attributes of national statutory frameworks
Adaptability
Differentiation
Coherence
6
Investors
Banks
Statistics officeFinancial sector
regulators
Tax authorities
Public at large
Reliable, transparent
and comparable
accounting and financial reporting
Growth and employment generation
While avoiding undue costs
Improved public administration
Financial stability and development
Financial reporting: why and for who?
7
Financial reporting: multiple uses and benefits
Statistical agency, central bank
Tax authorities
Make credit decisions, monitor credit quality/riskProtect rights as creditors
Investors / shareholders(+ broker-dealers, rating agencies, advisers, etc.)
Monitor/enforce tax collections (corporate income taxes and VAT)
Financial institutionsTrade creditorsEmployees, job applicantsPublic procurement agency Ensure solvency of bidders
Collect data for macroeconomic policies
Make investment decisions and protect value of assets
+ Financial-sector supervision
User(s) Benefit(s)
Deg
ree
of s
ophi
stic
atio
n
in t
he in
form
atio
n pr
ovid
ed
8
Financial reporting: by who?
Preparers of the F/S (joint-stock companies,
other enterprises)
Auditor
BusinessRegister
Public Oversight System
Financial-sector regulator(s)
Tax Authority
Statistics agency
Investors, lenders, other F/S users
Accounting standard
setter
FR standards
Prof. standardsRegistration
Quality controlDiscipline
F/S
Professional accountancy
organization(s)
Auditreport
cooperation
9
Source: European Commission
Due process for IFRS adoption: example of the EU
10
Financial reporting obligations at EU-level
Adapted from European Commission 2011
11
+ New directive - 2012 Minimal requirements*
Micro-entities
Marco contable “diferenciado”
12
Entidad de interés público
PYME
Micro-empresa
Empresas listadas, grandes EP, bancos, compañías de seguros, etc.
Grandes empresas privadas no listadas, y otras EP
NIIF completas
NIIF simplificadas
“15 PCGA hondureños, modificados
Obligaciones limitadas o
ninguna de I/F Gra
do
de
re
spo
nsa
bili
dad
em
pre
saria
l
Categoría de empresa Normas de información financiera
Source: ROSC A&A Honduras
ROSC Accounting and Auditing reports www.worldbank.org/ifa/rosc_aa.html
13
Sources
Specifically for Latin America and the Caribbean: lessons-learned publication on financial reporting reform
CFRR Programs
http://go.worldbank.org/OFKEZQWME0
www.worldbank.org/cfrr
Thank you
Merci
Мерци
Falemnderit
Gracias
Vielen Dank
СпасибоDziękuję
شكرا ありがとうMulţumesc
Obrigado
Hvala