Hashemite Kingdom of Jordan : Accounting and Auditing

Hashemite Kingdom of Jordan : Accounting and Auditing

Jordan is committed to aligning its national corporate financial reporting requirements with the International Accounting Standards and International Standards on Auditing, and it has achieved significant improvements, including issuance of a new A...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington DC 2013
Subjects:
ACCOUNTING
ACCOUNTING PRINCIPLES
ACCOUNTING RECORDS
ACCOUNTING STANDARDS
AGRICULTURAL CREDIT
APPROPRIATIONS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITORS
AUDITS
BAD DEBT
BAD DEBTS
BANKING LAW
BANKING SUPERVISION
BANKS
BONDS
COMMERCIAL BANKS
CONSOLIDATED FINANCIAL STATEMENTS
ECONOMIC REFORM
EXCHANGE RATES
EXTERNAL AUDITORS
FINANCIAL INFORMATION
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FISCAL DISCIPLINE
FOREIGN BANKS
FOREIGN EXCHANGE
GROSS DOMESTIC PRODUCT
HOUSING
INCOME TAXES
INFLATION
INSURANCE
INSURANCE INDUSTRY
INTERNATIONAL ACCOUNTING STANDARDS
INVESTMENT BANKS
LAWS
LEGAL PROVISIONS
LEGISLATION
LEGISLATIVE FRAMEWORK
LICENSES
NET PROFIT
NONPERFORMING LOANS
PRIVATE SECTOR
PRIVATIZATION
PRUDENTIAL REGULATIONS
PUBLIC
REGULATORY FRAMEWORK
SECURITIES
SHAREHOLDERS EQUITY
SUBSIDIARIES
SUBSIDIARY
TAX
TAX COLLECTION
TRANSPARENCY
URBAN DEVELOPMENT
Online Access:http://documents.worldbank.org/curated/en/2004/06/6569608/report-observance-standards-codes-rosc-accounting-auditing-jordan
http://hdl.handle.net/10986/14552
Description
Summary:Jordan is committed to aligning its national corporate financial reporting requirements with the International Accounting Standards and International Standards on Auditing, and it has achieved significant improvements, including issuance of a new Accountancy Profession Law. Although this law is a significant step toward regulating the profession, the Report on the Observance of Standards and Codes (ROSC) team discussions with professionals and various other stakeholders in Jordan helped point out a need to revisit some articles of the law and their content. Also, considerable steps have been taken to narrow the "compliance gap" in both accounting and auditing practices; however closing the gap completely will be challenging and demanding. Educating new auditors and reeducating practitioners and regulators requires focusing on a different style and philosophy of accounting requirements. In addition, to fully implement International Accounting Standards, a culture shift is required to reduce the influence of tax accounting on general-purpose financial statements. The risk exists for undetected accounting manipulation, misrepresentation of financial statements, and departures from established accounting and auditing procedures. The ROSC report draws upon recent international experience in developed economies, and success stories in the Middle East and North Africa Region, and, provides policy recommendations specifically focused on strengthening enforcement mechanisms for ensuring compliance with established accounting and auditing requirements.

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