2017年-世界发展银行全球_Report_on_the_Observance_of_Standards_and_Codes_Accounting_and_Auditing___Module_A_-_Accounting_and_Auditing_Standards_A1_Financial_Reporting_Standards_Analysis_58页_999kb

Summary of the Report on the Observance of Standards & Codes (ROSC) Accounting & Auditing (A&A)

Core Content

The Report on the Observance of Standards & Codes (ROSC) Accounting & Auditing (A&A) provides a framework for assessing the alignment of national financial reporting standards (national GAAP) with International Financial Reporting Standards (IFRS), particularly for Public Interest Entities (PIEs). The report aims to identify significant differences between national GAAP and IFRS and offers guidance for improving national standards to align with IFRS where possible. It emphasizes the importance of financial reporting standards in enabling transparency and comparability, which are essential for attracting foreign direct investment and fostering economic growth.

Main Objective

The primary goal of the Financial Reporting Standards Analysis is to:

• Compare national GAAP with IFRS
• Identify significant differences in key areas
• Provide a clear understanding of these differences to readers and country counterparts
• Offer suggestions for improving national GAAP to align with IFRS

Key Areas for Assessment

The report outlines 12 key areas that should be assessed to identify differences between national GAAP and IFRS for PIEs. These areas include:

• A. Presentation of Financial Statements (IAS 1)
• B. Accounting Policies, Estimates and Errors (IAS 8)
• C. Revenue Recognition (IFRS 15)
• D. Impairment of Assets (IAS 36)
• E. Leases (IFRS 16)
• F. Provisions and Contingent Liabilities (IAS 37)
• G. Employee Benefits (IAS 19)
• H. Financial Instruments (IFRS 9)
• I. Business Combinations (IFRS 3)
• J. Consolidation and Joint Arrangements (IFRS 10-12, IAS 28)
• K. Operating Segments (IFRS 8)
• L. Other Topics (e.g., Fair Value, Income Taxes, Foreign Exchange)

In addition to these, the report suggests that other areas such as property, plant and equipment (IAS 16), agriculture (IAS 41), and mineral assets (IFRS 6) may also be relevant for certain countries, depending on the nature of their financial reporting environment.

When to Perform the Exercise

The Financial Reporting Standards Analysis should be conducted in a country where:

• The country has developed its own financial reporting standards that are known to differ from IFRS
• The country uses an older version of IFRS that has not been officially accepted
• The country uses IFRS as the basis for its national GAAP but has made modifications or omissions

If a country has adopted full and current IFRS without modifications, the task team does not need to complete this module.

Approach for Assessment

The ROSC A&A team should:

• Use published analysis from national standard-setters, professional accountancy organizations, or prominent accounting firms
• Leverage notes to financial statements from large domestic companies for explanations of differences
• Use checklists (A-L) to assess key differences in each area
• Provide a yes/no response to questions or select applicable items from a checklist
• Prepare a schedule outlining the areas of divergence and their potential impact on financial statement understanding
• Discuss findings with local experts, the national standard-setting body, and other technical counterparts for validation
• Include a summary of key differences in the ROSC A&A report, highlighting both technical and practical implications

Structure and Tools

The report includes a checklist-based approach for evaluating differences in financial reporting standards. Teams should:

• Complete each sub-section with appropriate responses
• Select applicable items from the checklist or provide a narrative description
• Use the annex for guidance on what to include in the final report

Conclusion

This report serves as a comprehensive tool for evaluating the comparability and alignment of national GAAP with IFRS. It is particularly useful for countries with complex financial reporting environments and for those seeking to enhance transparency and investor confidence. The structured approach, checklists, and emphasis on professional judgment and stakeholder consultation make it a robust framework for standard-setting and reporting improvements.