Slovakia : Accounting and Auditing
This report, on the strengths and weaknesses of Slovakia's institutional arrangements for the observance of the International Accounting Standards (IASs), and International Standards on Auditing (ISAs), is based on a self-assessment of account...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/11/6595972/slovak-republic-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14461 |
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okr-10986-144612021-04-23T14:03:16Z Slovakia : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING STANDARDS ACCUMULATED DEPRECIATION ACQUISITION COST AUDITING AUDITORS AUDITS BALANCE SHEET BANKING RISKS BANKING SECTOR BANKING SUPERVISION BANKRUPTCY BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE SECTOR DEBT ECONOMICS ENABLING ENVIRONMENT FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FRAUD GUIDELINES INSURANCE INTANGIBLE ASSETS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LEASED ASSETS LEGISLATION LIQUIDITY MARKET VALUE MUNICIPALITIES NATIONAL BANK OF SLOVAKIA PENALTIES PRIVATIZATION PRODUCTIVITY REDEMPTION REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS SOLVENCY SUBSIDIARIES SUBSIDIARY TAX ADMINISTRATION TAXATION TRANSPARENCY This report, on the strengths and weaknesses of Slovakia's institutional arrangements for the observance of the International Accounting Standards (IASs), and International Standards on Auditing (ISAs), is based on a self-assessment of accounting and auditing practices in the country. The self-assessment exercise was conducted under the management of a National Steering Committee, consisting of representatives from government and private sectors, assisted by Bank staff. Slovakia's legislative requirements on accounting and corporate financial reporting seem to be geared toward satisfying the information needs of the tax authorities only; other users, including investors and creditors, have difficulty in making meaningful use of the financial statements for market-oriented decision making. There is a large gap between Slovak accounting requirements, and the IASs. Although listed companies are required to prepare financial statements in accordance with the IASs, in addition to statutory annual financial statements, there is no mechanism to monitor and enforce this requirement. In the auditing area, too, a number of problems indicate the need for a well-organized reform program: auditors' failure to comply with internationally comparable independence, and ethical requirements, inadequate capacity of the Slovak Chamber of Auditors (SKAu) to properly regulate the profession, shortcomings in educational and training arrangements with regard to the practical application of high-quality accounting and auditing standards and requirements, and, absence of effective mechanisms for enforcing established rules and regulations. The National Steering Committee in a joint meeting with Bank Staff agreed with various policy recommendations that will form the basis for designing, and implementing a Country Action Plan to address the issues concerning accountancy development, and observance of international accounting and auditing standards in Slovakia. 2013-07-22T20:13:07Z 2013-07-22T20:13:07Z 2001-11-27 http://documents.worldbank.org/curated/en/2001/11/6595972/slovak-republic-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14461 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Slovak Republic |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ACCUMULATED DEPRECIATION ACQUISITION COST AUDITING AUDITORS AUDITS BALANCE SHEET BANKING RISKS BANKING SECTOR BANKING SUPERVISION BANKRUPTCY BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE SECTOR DEBT ECONOMICS ENABLING ENVIRONMENT FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FRAUD GUIDELINES INSURANCE INTANGIBLE ASSETS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LEASED ASSETS LEGISLATION LIQUIDITY MARKET VALUE MUNICIPALITIES NATIONAL BANK OF SLOVAKIA PENALTIES PRIVATIZATION PRODUCTIVITY REDEMPTION REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS SOLVENCY SUBSIDIARIES SUBSIDIARY TAX ADMINISTRATION TAXATION TRANSPARENCY |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ACCUMULATED DEPRECIATION ACQUISITION COST AUDITING AUDITORS AUDITS BALANCE SHEET BANKING RISKS BANKING SECTOR BANKING SUPERVISION BANKRUPTCY BANKS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CONTINGENT LIABILITIES CORPORATE GOVERNANCE CORPORATE SECTOR DEBT ECONOMICS ENABLING ENVIRONMENT FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FRAUD GUIDELINES INSURANCE INTANGIBLE ASSETS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS LEASED ASSETS LEGISLATION LIQUIDITY MARKET VALUE MUNICIPALITIES NATIONAL BANK OF SLOVAKIA PENALTIES PRIVATIZATION PRODUCTIVITY REDEMPTION REGULATORY FRAMEWORK SECURITIES SECURITIES MARKETS SOLVENCY SUBSIDIARIES SUBSIDIARY TAX ADMINISTRATION TAXATION TRANSPARENCY World Bank Slovakia : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Slovak Republic |
| description |
This report, on the strengths and
weaknesses of Slovakia's institutional arrangements for
the observance of the International Accounting Standards
(IASs), and International Standards on Auditing (ISAs), is
based on a self-assessment of accounting and auditing
practices in the country. The self-assessment exercise was
conducted under the management of a National Steering
Committee, consisting of representatives from government and
private sectors, assisted by Bank staff. Slovakia's
legislative requirements on accounting and corporate
financial reporting seem to be geared toward satisfying the
information needs of the tax authorities only; other users,
including investors and creditors, have difficulty in making
meaningful use of the financial statements for
market-oriented decision making. There is a large gap
between Slovak accounting requirements, and the IASs.
Although listed companies are required to prepare financial
statements in accordance with the IASs, in addition to
statutory annual financial statements, there is no mechanism
to monitor and enforce this requirement. In the auditing
area, too, a number of problems indicate the need for a
well-organized reform program: auditors' failure to
comply with internationally comparable independence, and
ethical requirements, inadequate capacity of the Slovak
Chamber of Auditors (SKAu) to properly regulate the
profession, shortcomings in educational and training
arrangements with regard to the practical application of
high-quality accounting and auditing standards and
requirements, and, absence of effective mechanisms for
enforcing established rules and regulations. The National
Steering Committee in a joint meeting with Bank Staff agreed
with various policy recommendations that will form the basis
for designing, and implementing a Country Action Plan to
address the issues concerning accountancy development, and
observance of international accounting and auditing
standards in Slovakia. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Slovakia : Accounting and Auditing |
| title_short |
Slovakia : Accounting and Auditing |
| title_full |
Slovakia : Accounting and Auditing |
| title_fullStr |
Slovakia : Accounting and Auditing |
| title_full_unstemmed |
Slovakia : Accounting and Auditing |
| title_sort |
slovakia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/11/6595972/slovak-republic-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14461 |
| _version_ |
1764427524911136768 |