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International Accounting and Reporting Issues

2015 Review

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The International Accounting and Reporting Issues 2015 Review presents country case studies of Germany and the United Kingdom 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. These country case studies are a continuation of similar studies that have already been published in the 2014 volume of this series covering Australia, Belgium and Canada. The respective case studies are contained in Chapters I and II. An analysis of the main findings of all the case studies-including the ones presented in the 2014 volume-is contained in chapter III.

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Main findings of the country case studies on monitoring of compliance and enforcement of corporate reporting requirements

The five countries on which the case studies (published in this volume and in International Accounting and Reporting Issues 2014 Review) have been conducted are among the top 24 countries around the world when ranked in terms of their gross domestic product for 2013: Germany – 4th; United Kingdom – 6th; Canada – 11th; Australia – 12th; and Belgium – 24th. All five countries have at least one regulated stock exchange. They also have at least one professional accountancy organization that is a full member of IFAC. In terms of their legal and regulatory traditions, Australia, Canada (with the exception the province of Quebec) and the United Kingdom fall into the category of common law countries, while the continental European countries – Belgium and Germany – belong to the code-law group of countries. Furthermore, a commonality among Belgium, Germany and the United Kingdom is the fact that they are members of the European Union and as such they are required to transpose into national law European Union directives, including in the area of corporate reporting. The case studies of these three countries provide useful illustrations of regional coordination mechanisms with respect to monitoring of compliance and enforcement of corporate reporting requirements.

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