Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing

The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strength...

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Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
English
Published: Washington, DC 2015
Subjects:
ADB
TAX
Online Access:http://documents.worldbank.org/curated/en/2015/02/24172177/papua-new-guinea-report-observance-standards-codes-rosc-accounting-auditing-module
http://hdl.handle.net/10986/21793
id okr-10986-21793
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
English
topic ACCOUNT
ACCOUNTABILITY
ACCOUNTANCY
ACCOUNTANT
ACCOUNTANTS
ACCOUNTING
ACCOUNTING FIRMS
ACCOUNTING POLICIES
ACCOUNTING PRACTICES
ACCOUNTING PRINCIPLES
ACCOUNTING RECORDS
ACCOUNTING STANDARD
ACCOUNTING STANDARDS
ACCOUNTS
ACQUISITION
ACTUARIES
ADB
AUDIT COMMITTEE
AUDIT COMMITTEES
AUDIT REPORTS
AUDITED ACCOUNTS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITING STANDARDS
AUDITOR ROTATION
AUDITORS
AUDITS
BALANCE SHEET
BALANCE SHEETS
BANKING ASSETS
BANKING CORPORATION
BANKING SECTOR
BANKING SECTOR ASSETS
BANKING SERVICES
BILLS
BROKERS
BUSINESS ADMINISTRATION
BUSINESS COMMUNITY
BUSINESS FINANCE
BUSINESS LAW
CAPACITY BUILDING
CAPACITY CONSTRAINTS
CAPITAL ADEQUACY
CAPITAL MARKETS
CASH FLOW
CASH FLOWS
CENTRAL BANK
CHECKS
COLLATERAL
COMMERCIAL BANK
COMMERCIAL BANKS
COMPLIANCE GAPS
CONSOLIDATED FINANCIAL STATEMENTS
CORPORATE GOVERNANCE
CREDIT ENHANCEMENTS
CREDIT RISK
CREDITORS
CURRENCY
DEBT
DEBTS
DEPOSIT
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DISCLAIMER OPINIONS
DISCLOSURE REQUIREMENTS
DUE DILIGENCE
EMPLOYMENT
ENFORCEMENT MECHANISMS
ENFORCEMENT POWERS
EQUITY CONTRIBUTIONS
EXTERNAL AUDITORS
FAIR VALUE
FINANCIAL ACCOUNTING
FINANCIAL ASSETS
FINANCIAL INFORMATION
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENT
FINANCIAL INSTRUMENTS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL RISK
FINANCIAL SERVICES
FINANCIAL STATEMENT
FINANCIAL STATEMENTS
FINANCIAL TRANSACTIONS
FIXED ASSETS
FIXED INCOME
FIXED INCOME MARKET
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGES
GAAP
GOOD PRACTICE
GROSS DOMESTIC PRODUCT
HOLDING
HOUSEHOLD INCOMES
HUMAN DEVELOPMENT
INFORMATION SYSTEMS
INSTRUMENT
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INSURANCE PREMIUMS
INTERNAL AUDIT
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INTERNATIONAL AUDITING STANDARDS
INTERNATIONAL BANK
INTERNATIONAL STANDARDS
INVESTMENT DECISIONS
LAWS
LEGAL SYSTEM
LEGISLATION
LIABILITY
LIFE INSURANCE
LIFE INSURANCE COMPANIES
LIFE INSURANCE COMPANY
LIQUIDITY
LIVING STANDARDS
LOAN
LOCAL ECONOMY
LOSS STATEMENT
MANAGEMENT ACCOUNTING
MARKET CAPITALIZATION
MARKET PRICE
MICROFINANCE
MONETARY FUND
NATURAL DISASTERS
NATURAL RESOURCES
NET ASSETS
PARENT COMPANIES
PEER REVIEW
PENALTIES
PORTFOLIO
PRIVATE INVESTMENT
PRODUCTIVITY
PRUDENTIAL STANDARD
PRUDENTIAL STANDARDS
PUBLIC ENTERPRISES
PUBLIC FINANCES
PUBLIC INVESTMENT
QUALITY ASSURANCE
REGULATORY CAPACITY
REGULATORY FRAMEWORK
REGULATORY OVERSIGHT
RETIREMENT
RETURN
RETURNS
RISK MANAGEMENT
RULE OF LAW
SAVINGS
SECURITIES
SHAREHOLDER
SHAREHOLDERS
SMALL BUSINESS
SMALL BUSINESSES
SOLVENCY
STATUTORY REQUIREMENTS
STOCK EXCHANGE
STOCK MARKET
STOCK MARKETS
STOCKS
SUBSIDIARIES
SUBSIDIARY
SUPERANNUATION
TAX
TAX COMPLIANCE
TAXATION
TELECOMMUNICATIONS
TRADING
TRANSPARENCY
TRANSPORT
TREASURY
TRUST DEED
TRUSTEE
VALUATION
VALUATIONS
spellingShingle ACCOUNT
ACCOUNTABILITY
ACCOUNTANCY
ACCOUNTANT
ACCOUNTANTS
ACCOUNTING
ACCOUNTING FIRMS
ACCOUNTING POLICIES
ACCOUNTING PRACTICES
ACCOUNTING PRINCIPLES
ACCOUNTING RECORDS
ACCOUNTING STANDARD
ACCOUNTING STANDARDS
ACCOUNTS
ACQUISITION
ACTUARIES
ADB
AUDIT COMMITTEE
AUDIT COMMITTEES
AUDIT REPORTS
AUDITED ACCOUNTS
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITING STANDARDS
AUDITOR ROTATION
AUDITORS
AUDITS
BALANCE SHEET
BALANCE SHEETS
BANKING ASSETS
BANKING CORPORATION
BANKING SECTOR
BANKING SECTOR ASSETS
BANKING SERVICES
BILLS
BROKERS
BUSINESS ADMINISTRATION
BUSINESS COMMUNITY
BUSINESS FINANCE
BUSINESS LAW
CAPACITY BUILDING
CAPACITY CONSTRAINTS
CAPITAL ADEQUACY
CAPITAL MARKETS
CASH FLOW
CASH FLOWS
CENTRAL BANK
CHECKS
COLLATERAL
COMMERCIAL BANK
COMMERCIAL BANKS
COMPLIANCE GAPS
CONSOLIDATED FINANCIAL STATEMENTS
CORPORATE GOVERNANCE
CREDIT ENHANCEMENTS
CREDIT RISK
CREDITORS
CURRENCY
DEBT
DEBTS
DEPOSIT
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPMENT BANK
DISCLAIMER OPINIONS
DISCLOSURE REQUIREMENTS
DUE DILIGENCE
EMPLOYMENT
ENFORCEMENT MECHANISMS
ENFORCEMENT POWERS
EQUITY CONTRIBUTIONS
EXTERNAL AUDITORS
FAIR VALUE
FINANCIAL ACCOUNTING
FINANCIAL ASSETS
FINANCIAL INFORMATION
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENT
FINANCIAL INSTRUMENTS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL RISK
FINANCIAL SERVICES
FINANCIAL STATEMENT
FINANCIAL STATEMENTS
FINANCIAL TRANSACTIONS
FIXED ASSETS
FIXED INCOME
FIXED INCOME MARKET
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGES
GAAP
GOOD PRACTICE
GROSS DOMESTIC PRODUCT
HOLDING
HOUSEHOLD INCOMES
HUMAN DEVELOPMENT
INFORMATION SYSTEMS
INSTRUMENT
INSURANCE
INSURANCE COMPANIES
INSURANCE COMPANY
INSURANCE PREMIUMS
INTERNAL AUDIT
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INTERNATIONAL AUDITING STANDARDS
INTERNATIONAL BANK
INTERNATIONAL STANDARDS
INVESTMENT DECISIONS
LAWS
LEGAL SYSTEM
LEGISLATION
LIABILITY
LIFE INSURANCE
LIFE INSURANCE COMPANIES
LIFE INSURANCE COMPANY
LIQUIDITY
LIVING STANDARDS
LOAN
LOCAL ECONOMY
LOSS STATEMENT
MANAGEMENT ACCOUNTING
MARKET CAPITALIZATION
MARKET PRICE
MICROFINANCE
MONETARY FUND
NATURAL DISASTERS
NATURAL RESOURCES
NET ASSETS
PARENT COMPANIES
PEER REVIEW
PENALTIES
PORTFOLIO
PRIVATE INVESTMENT
PRODUCTIVITY
PRUDENTIAL STANDARD
PRUDENTIAL STANDARDS
PUBLIC ENTERPRISES
PUBLIC FINANCES
PUBLIC INVESTMENT
QUALITY ASSURANCE
REGULATORY CAPACITY
REGULATORY FRAMEWORK
REGULATORY OVERSIGHT
RETIREMENT
RETURN
RETURNS
RISK MANAGEMENT
RULE OF LAW
SAVINGS
SECURITIES
SHAREHOLDER
SHAREHOLDERS
SMALL BUSINESS
SMALL BUSINESSES
SOLVENCY
STATUTORY REQUIREMENTS
STOCK EXCHANGE
STOCK MARKET
STOCK MARKETS
STOCKS
SUBSIDIARIES
SUBSIDIARY
SUPERANNUATION
TAX
TAX COMPLIANCE
TAXATION
TELECOMMUNICATIONS
TRADING
TRANSPARENCY
TRANSPORT
TREASURY
TRUST DEED
TRUSTEE
VALUATION
VALUATIONS
World Bank Group
Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
geographic_facet East Asia and Pacific
Papua New Guinea
description The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strengthen the institutional framework that underpins accounting and auditing practices in the country. Implementation of the policy recommendations will enhance the quality of financial reporting for corporations a key pillar that directly contributes to enhancing the business environment and the advancement of governance and financial accountability in both private and public sector entities. The ROSC A&A review for Papua New Guinea focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves both a review of mandatory requirements and actual practices. The international standards that have been used as reference points for the preparation of this report are International Financial Reporting Standards (IFRS), clarified International Standards on Auditing (ISA), and international good practice in the field of accounting and auditing regulation. It is critical at this stage of development that PNG manage its resources well. The PNGLNG project shipped its first cargo in June 2014 and it is expected the LNG project to expand GDP by as much as one-quarter in 2014 and 2015, and national income by about 8 per cent. This requires significantly stepping up the quality, compliance, and enforcement of benchmark financial reporting and auditing practices. This is a key development challenge for PNG to channel this windfall revenue into investments that positively impact peoples lives.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
title_short Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
title_full Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
title_fullStr Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
title_full_unstemmed Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing
title_sort papua new guinea report on the observance of standards and codes : accounting and auditing
publisher Washington, DC
publishDate 2015
url http://documents.worldbank.org/curated/en/2015/02/24172177/papua-new-guinea-report-observance-standards-codes-rosc-accounting-auditing-module
http://hdl.handle.net/10986/21793
_version_ 1764449188834181120
spelling okr-10986-217932021-04-23T14:04:04Z Papua New Guinea Report on the Observance of Standards and Codes : Accounting and Auditing World Bank Group ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING FIRMS ACCOUNTING POLICIES ACCOUNTING PRACTICES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTS ACQUISITION ACTUARIES ADB AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITOR ROTATION AUDITORS AUDITS BALANCE SHEET BALANCE SHEETS BANKING ASSETS BANKING CORPORATION BANKING SECTOR BANKING SECTOR ASSETS BANKING SERVICES BILLS BROKERS BUSINESS ADMINISTRATION BUSINESS COMMUNITY BUSINESS FINANCE BUSINESS LAW CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL BANK CHECKS COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMPLIANCE GAPS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE CREDIT ENHANCEMENTS CREDIT RISK CREDITORS CURRENCY DEBT DEBTS DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DISCLAIMER OPINIONS DISCLOSURE REQUIREMENTS DUE DILIGENCE EMPLOYMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWERS EQUITY CONTRIBUTIONS EXTERNAL AUDITORS FAIR VALUE FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL RISK FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL TRANSACTIONS FIXED ASSETS FIXED INCOME FIXED INCOME MARKET FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGES GAAP GOOD PRACTICE GROSS DOMESTIC PRODUCT HOLDING HOUSEHOLD INCOMES HUMAN DEVELOPMENT INFORMATION SYSTEMS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE PREMIUMS INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL AUDITING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTMENT DECISIONS LAWS LEGAL SYSTEM LEGISLATION LIABILITY LIFE INSURANCE LIFE INSURANCE COMPANIES LIFE INSURANCE COMPANY LIQUIDITY LIVING STANDARDS LOAN LOCAL ECONOMY LOSS STATEMENT MANAGEMENT ACCOUNTING MARKET CAPITALIZATION MARKET PRICE MICROFINANCE MONETARY FUND NATURAL DISASTERS NATURAL RESOURCES NET ASSETS PARENT COMPANIES PEER REVIEW PENALTIES PORTFOLIO PRIVATE INVESTMENT PRODUCTIVITY PRUDENTIAL STANDARD PRUDENTIAL STANDARDS PUBLIC ENTERPRISES PUBLIC FINANCES PUBLIC INVESTMENT QUALITY ASSURANCE REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY OVERSIGHT RETIREMENT RETURN RETURNS RISK MANAGEMENT RULE OF LAW SAVINGS SECURITIES SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SMALL BUSINESSES SOLVENCY STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK MARKET STOCK MARKETS STOCKS SUBSIDIARIES SUBSIDIARY SUPERANNUATION TAX TAX COMPLIANCE TAXATION TELECOMMUNICATIONS TRADING TRANSPARENCY TRANSPORT TREASURY TRUST DEED TRUSTEE VALUATION VALUATIONS The main purpose of the Report on the Observance of Standards and Codes, Accounting and Auditing (ROSC A&A) review exercise, conducted at the request of the Government of Papua New Guinea, is to propose policy recommendations that will strengthen the institutional framework that underpins accounting and auditing practices in the country. Implementation of the policy recommendations will enhance the quality of financial reporting for corporations a key pillar that directly contributes to enhancing the business environment and the advancement of governance and financial accountability in both private and public sector entities. The ROSC A&A review for Papua New Guinea focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting, and involves both a review of mandatory requirements and actual practices. The international standards that have been used as reference points for the preparation of this report are International Financial Reporting Standards (IFRS), clarified International Standards on Auditing (ISA), and international good practice in the field of accounting and auditing regulation. It is critical at this stage of development that PNG manage its resources well. The PNGLNG project shipped its first cargo in June 2014 and it is expected the LNG project to expand GDP by as much as one-quarter in 2014 and 2015, and national income by about 8 per cent. This requires significantly stepping up the quality, compliance, and enforcement of benchmark financial reporting and auditing practices. This is a key development challenge for PNG to channel this windfall revenue into investments that positively impact peoples lives. 2015-04-27T21:26:19Z 2015-04-27T21:26:19Z 2015-02 Report http://documents.worldbank.org/curated/en/2015/02/24172177/papua-new-guinea-report-observance-standards-codes-rosc-accounting-auditing-module http://hdl.handle.net/10986/21793 English en CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) East Asia and Pacific Papua New Guinea