Nicaragua : A Review of Accounting and Auditing Practices

This ROSC analyzes accounting, financial reporting and auditing practices within the corporate sector in Nicaragua, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on...

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Bibliographic Details
Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English
Published:	World Bank 2012
Subjects:	ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTING TREATMENT ACCOUNTS ACCUMULATED DEPRECIATION ACTUARIES AFFILIATES AUDIT COMMITTEE AUDIT REPORTS AUDIT STANDARD AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTONOMY BALANCE SHEET BALANCE SHEETS BANK FOR INTERNATIONAL SETTLEMENTS BANKING ASSETS BANKING CRISIS BANKING SECTOR BANKING SECTOR ASSETS BANKING SUPERVISION BOND BONDED WAREHOUSE BONDED WAREHOUSES BONDS BUDGET CONSTRAINTS BUSINESS ADMINISTRATION BUSINESS COMBINATIONS BUSINESS COMMUNITY CAPACITY CONSTRAINTS CAPITAL FORMATION CAPITAL MARKETS CASH FLOW CASH FLOWS CD CENTRAL BANK CERTIFICATES OF DEPOSIT CIVIL CODE CIVIL LAW COLLATERAL COMMERCIAL BANKS COMMERCIAL PAPER CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVES CORPORATE GOVERNANCE CREDIT RISK CREDIT RISK EXPOSURES CREDIT RISK MANAGEMENT CURRENCY CURRENT ASSETS DEBT DEBT RELIEF DEBTORS DERIVATIVES DEVELOPMENT BANK ECONOMIC DEVELOPMENT ECONOMIC RISK ENABLING ENVIRONMENT ENFORCEMENT MECHANISMS EQUIPMENT EXPENDITURE EXPENDITURES EXTERNAL AUDITORS EXTRAORDINARY ITEMS FACTORING FAIR VALUE FINANCIAL ACCOUNTING FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FISCAL POLICIES FOREIGN BANKS FORGIVENESS FRAUDS FUTURE CASH FLOWS GAAP GOOD PRACTICE GOODWILL GOVERNANCE STANDARD GOVERNMENT ACCOUNTING GOVERNMENT ACCOUNTING STANDARDS GROSS DOMESTIC PRODUCT HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT INCOME INSTRUMENTS INCOME STATEMENTS INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE POLICY INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL INVESTORS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTMENT CLIMATE LAWS LEGAL FRAMEWORK LEGAL PROVISIONS LEGAL SYSTEM LEGISLATION LENDERS LIABILITY LIQUID MARKET LOAN LOAN PORTFOLIO LOCAL BUSINESSES LOCAL STOCK EXCHANGE MANDATES MARKET PARTICIPANTS MARKET RISK MATURITY MATURITY DATES MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTIONS MICROFINANCE SECTOR MONETARY FUND MONETARY POLICY NET ASSETS NEW ENTRANTS OPERATIONAL RISK OWNERSHIP STRUCTURE PENSION PENSION FUND PENSION FUNDS POTENTIAL INVESTORS PRIVATIZATION PROBABILITY OF DEFAULT PRODUCTIVITY PRUDENTIAL REQUIREMENTS PRUDENTIAL STANDARDS PRUDENTIAL SUPERVISION PUBLIC ACCOUNTANTS PUBLIC ACCOUNTING PUBLIC DEBT PUBLIC ENTERPRISES PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC REGISTRY PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL QUALITY OF EDUCATION RATES OF RETURN REAL SECTOR REGULATORY FRAMEWORK RESERVE RESERVES RETURN RISK MANAGEMENT SECONDARY MARKET SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SEWAGE SHAREHOLDER SHAREHOLDERS SMALL BUSINESS SOLVENCY STOCK EXCHANGE SUBSIDIARY SYSTEMIC RISK TAX TAX CODE TAXATION TERRORISM TRADING TURNOVER VALUATION VALUATION OF SECURITIES
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20120229224926 http://hdl.handle.net/10986/2828

Description
Summary:	This ROSC analyzes accounting, financial reporting and auditing practices within the corporate sector in Nicaragua, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on international experience and good practice in those fields. Nicaragua remains among the poorest countries of the Western Hemisphere, with 46 percent of its five million people living below the poverty line. The 2008 Gross Domestic Product (GDP) of US$6.4 billion translates into a per-capita GDP of approximately US$1,000. After average GDP growth of about 3.6 percent during 2005-08, the global financial and economic crisis lead to a contraction in real GDP of 1.5 percent in 2009. Going forward, if the private sector is to serve as an engine of growth for the Nicaraguan economy, the country needs to follow high-level accounting and auditing practices and the highest standards of corporate governance. This ROSC supports three main development objectives: (a) improving Nicaragua's investment climate; (b) ensuring the stability and fostering the development of the local financial sector and (c) advancing governance and financial accountability in both the private and public sectors. The report seeks to help the authorities address these issues by: (i) improving the technical skills of accounting and audit practitioners, (ii) strengthening the regulatory framework governing accounting and audit practices in Nicaragua, and (iii) developing the institutional capacity of the country's accounting professional bodies.

Nicaragua : A Review of Accounting and Auditing Practices

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