Brazil : Report on the Observance of Standards and Codes--Accounting and Auditing
This Report on the Observance of Standards and Codes: Accounting and Auditing (ROSC A&A) has been prepared under the Financial Sector Assessment Program in Brazil. The report assesses the status of implementation of 2005 ROSC A&A policy rec...
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Format: | Accounting and Auditing Assessment (ROSC) |
Language: | English en_US |
Published: |
Washington, DC
2014
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Online Access: | http://documents.worldbank.org/curated/en/2013/06/17932508/brazil-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/16681 |
Summary: | This Report on the Observance of
Standards and Codes: Accounting and Auditing (ROSC A&A)
has been prepared under the Financial Sector Assessment
Program in Brazil. The report assesses the status of
implementation of 2005 ROSC A&A policy recommendations,
highlights recent improvements in Brazil's corporate
financial reporting framework, and sheds light on emerging
issues regarding the institutional underpinnings of
accounting and auditing practices that require further
upgrading in line with international good practices. In
addition to maintaining appropriate macroeconomic policies,
there is an extensive agenda to implement wide ranging
structural reforms to promote growth, increase productivity,
and raise living standards. Brazil's low domestic
savings and limited domestic long-term financing markets
remain a major impediment to the investment in
infrastructure that is required to sustain high economic
growth. Given the increased role played by the financial
system, especially as more families and businesses have
access to banking credit and capital markets, it will also
be necessary to further develop and strengthen Brazil's
financial markets and institutions, to help to ensure
macroeconomic stability and sustainable growth. In this
context, one of the strategic objectives of the ROSC A&A
is to help consolidate the institutional framework for
accounting and auditing in Brazil in order to support
improvements in business conditions in general, and
facilitate access to more abundant and cheaper domestic and
foreign financial resources. |
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