Organization of Eastern Carribbean States : Report on the Observance of Standards and Codes
This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in the Organization of Eastern Caribbean States (OECS). The report uses International Financia...
| Main Author: | |
|---|---|
| Format: | Economic & Sector Work |
| Language: | English en_US |
| Published: |
Washington, DC
2012
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2008/06/10546834/organization-eastern-carribbean-states-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7781 |
| Summary: | This report provides an assessment of
accounting, financial reporting and auditing requirements
and practices within the enterprise and financial sectors in
the Organization of Eastern Caribbean States (OECS). The
report uses International Financial Reporting Standards
(IFRS) and International Standards on Auditing (ISA) as
benchmarks and draws on international experience and good
practices in the field of accounting and audit regulation.
High-quality financial information supports relevant
strategic objectives for the OECS, including: (1) an
investor-friendly business climate; (2) sub-regional and
regional harmonization; (3) better management and increased
transparency of public-interest enterprises; and (4)
improved Small and Medium Enterprise (SME) access to credit
as an outgrowth of a shift toward lending based on the
borrower's financial performance and cash flow. Due to
their small size (total population about 560,000) and their
tropical island geography, OECS countries face special
development challenges, including limited human and
institutional capacity, high per capita costs of basic
social and infrastructure services, and vulnerability to
natural disasters and other external shocks. High levels of
indebtedness and fiscal imbalance are additional factors
affecting growth and crowding out private investment. These
constraints significantly affect the strategic planning and
decision-making processes in both the public and private
sectors and make capacity issues more significant than in
larger countries. The OECS accounting and auditing practices
need to be strengthened and modernized to serve adequately
the emerging needs of the market and support sustainable
economic development. |
|---|