International Accounting and Reporting Issues

English
Frequency
Annual
ISSN: 
2411-8737 (online)
http://dx.doi.org/10.18356/d63ef62e-en
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The United Nations has been contributing towards the harmonization of financial accounting and reporting standards since the 1970s. In order to address accounting and financial reporting issues on a continuous and inclusive basis, member States established the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) in 1982. The Review of International Accounting and Reporting Issues series contains the proceedings of the various session of ISAR as well as essays by leading experts on the implementation of international accounting standards and the current state of the international standard-setting process.
 
International Accounting and Reporting Issues

International Accounting and Reporting Issues

2014 Review You do not have access to this content

English
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Author(s):
UNCTAD
17 May 2016
Pages:
71
ISBN:
9789210578899 (PDF)
http://dx.doi.org/10.18356/68c1f5a0-en

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The International Accounting and Reporting Issues 2014 Review is focused on the interrelated topics of compliance monitoring and enforcement mechanisms in relation to corporate reporting, auditing and regulation of professional accountants within the context of achieving high-quality corporate reporting. In order to facilitate sharing of experiences among members States and also to provide practical examples of compliance monitoring and enforcement mechanisms in relation to international corporate reporting standards and codes. the UNCTAD secretariat, in cooperation with top experts on these topics, prepared country case studies on Australia, Belgium and Canada. Chapter I analyzes the key elements that member States need to consider when building efficient monitoring and enforcement systems for companies, audit firms and professional accountants. It highlights standards and guidance for good practices and discusses the main challenges to establish efficient mechanisms for the monitoring of compliance and enforcement. The respective country case studies are contained in chapters II through IV.
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  • Preface
    The international community has ushered in the Sustainable Development Goals that will guide our collective economic and social development efforts for the coming decade and a half. The importance of the private sector in playing a positive role in attaining the Sustainable Development Goals cannot be overemphasized. For over three decades, the United Nations has been contributing to the global agenda of promoting reliable and comparable corporate reporting through the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). UNCTAD has enjoyed the unique privilege of hosting ISAR for many years. Member States count on ISAR to continue to develop practical guidance for policymakers and enterprises, including on sustainability-related corporate reporting, with a view to galvanizing the contributions of the private sector to realizing the Sustainable Development Goals.
  • Introduction
    This volume of the International Accounting and Reporting Issues series is focused on the interrelated topics of compliance monitoring and enforcement mechanisms in relation to corporate reporting, auditing and the regulation of professional accountants in the context of achieving high-quality corporate reporting. Over the last two decades, a variety of international standards and codes have been promulgated at the global level and member States have been exerting extensive efforts to consistently implement and enforce these standards and codes. It is important to note, however, that although these standards and codes are articulated at the global level, their implementation and enforcement and related compliance monitoring remain under the purview of national authorities.
  • Acknowledgements
    This publication was prepared by UNCTAD under the supervision of Tatiana Krylova, Head, Enterprise Development Branch, and Jean-Francois Baylocq, Chief, Accounting and Corporate Governance Section. James Zhan, Director, Division on Investment and Enterprise, provided overall direction.
  • Acronyms
  • Key foundations for high-quality corporate reporting: Good practices of monitoring and enforcement, and compliance mechanisms
    The UNCTAD-ISAR Accounting Development Tool consists of an accounting development framework and a set of accounting development indicators. Its objective is to assist policymakers and other stakeholders in their efforts to strengthen their accounting and reporting infrastructures, to achieve high-quality and internationally comparable corporate reporting. Appendix I.1 provides a graph of the Accounting Development Tool scores of three sample countries, for illustrative purposes.
  • Case study: Australia
    This case study presents an overview of MCE of accounting and reporting standards and codes in Australia. Section A provides a brief introduction to the economic setting and the structure of the Government and legal system. The stock exchange and financial system are also described, and major participants in the financial reporting system – rulemakers, financial statement preparers and rule enforcers – are identified.
  • Case study: Belgium
    This case study presents an overview of Belgium’s MCE system in relation to financial and nonfinancial reporting, audit oversight and regulation of the accountancy profession. These topics are discussed in sections B to D, and section E presents a summary and conclusion.
  • Case study: Canada
    This case study provides an overview of how accounting and reporting standards are monitored and enforced in Canada, based on recent data, reports and analyses. The study comprises five sections. First, it provides an overview of Canada’s general economic environment, critical industries, growth prospects and stock markets. The framework underlying financial reporting standards and auditing is then detailed. Second, it discusses how compliance with financial reporting standards is monitored and enforced. Third, it presents a similar discussion on compliance with auditing standards. Fourth, it discusses how Canada’s accounting profession is structured, including certification, continuing education, ethics and disciplinary mechanisms. Finally, the fifth section presents a synthesis of the material presented and discusses how the different actors in the Canadian financial reporting scene interact and articulate their actions.
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