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  • UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

    International Accounting and Reporting Issues

    2008 Review Report by the secretariat of the United Nations

    Conference on Trade and Development

    United Nations New York and Geneva, 2010

  • International Accounting and Reporting Issues – 2008 Review

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    Note Symbols of United Nations documents are composed of capital letters combined with figures. Mention of such a symbol indicates a reference to a United Nations document. __________________________________________________________________________ The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. __________________________________________________________________________ Material in this publication may be freely quoted or reprinted, but acknowledgement is requested, together with a reference to the document number. A copy of the publication containing the quotation or reprint should be sent to the UNCTAD secretariat at: Palais des Nations, CH-1211 Geneva 10, Switzerland.

    UNCTAD/WEB/DIAE/ED/2009/6

    UNITED NATIONS PUBLICATION

    Copyright © United Nations, 2010

    All rights reserved

  • International Accounting and Reporting Issues – 2008 Review

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    Contents page

    Foreword .......................................................................................................................... v Preface .......................................................................................................................... vii Chapter 1. Review of practical implementation issues relating to International

    Financial Reporting Standards ...................................................................... 1 I. Introduction.............................................................................................................. 2 II. Overview of the case studies .................................................................................... 3 III. Institutional issues.................................................................................................... 4 IV. Enforcement issues .................................................................................................. 4 V. Technical issues ....................................................................................................... 5 VI. Practical challenges and related considerations in implementing International Standards on Auditing .............................................................................................. 6 Chapter 2. Review of practical implementation issues relating to International

    Financial Reporting Standards: Case study of Egypt................................... 7 I. Introduction.............................................................................................................. 7 II. Regulatory framework ............................................................................................. 12 III. Capacity-building..................................................................................................... 17 VI. Lessons learned ........................................................................................................ 18 V. Conclusion ............................................................................................................... 20 Chapter 3. Review of practical implementation issues relating to International

    Financial Reporting Standards: Case study of Poland................................. 21 I. Introduction.............................................................................................................. 21 II. Regulatory framework ............................................................................................. 24 III. The process of IFRS adoption .................................................................................. 27 IV. Research findings..................................................................................................... 29 V. Conclusions.............................................................................................................. 32 Chapter 4. Review of practical implementation issues relating to International

    Financial Reporting Standards: Case study of Switzerland ........................ 33 I. Introduction.............................................................................................................. 33 II. Legal requirements regarding financial reporting and auditing................................ 33 III. International financial reporting standards in Switzerland ....................................... 39 IV. Enforcement of international financial reporting standards in Switzerland.............. 43 V. Summary and outlook .............................................................................................. 46 Chapter 5. Review of practical implementation issues relating to International

    Financial Reporting Standards: Case study of the United Kingdom of Great Britain and Northern Ireland .............................................................. 49

    I. Introduction.............................................................................................................. 49 II. United Kingdom financial reporting system ............................................................ 49 III. IFRS implementation issues..................................................................................... 53 IV. IFRS enforcement issues.......................................................................................... 57 V. Some lessons learned ............................................................................................... 59 VI. Overall assessment of IFRS implementation............................................................ 61 VII. Conclusion ............................................................................................................... 62 Chapter 6. Practical challenges and related considerations in implementing

    International Standards on Auditing ............................................................. 63 I. The benefits of globally uniform systems of financial reporting.............................. 63 II. Towards global acceptance of ISAs ......................................................................... 64 III. Addressing the practical challenges in implementing ISAs ..................................... 68 IV. Conclusion ............................................................................................................... 76

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    page Chapter 7. Accounting and Financial Reporting Guidelines for Small and

    Medium-sized Enterprises (SMEGA) – Level 3 guidance ............................ 77 I. Background .............................................................................................................. 78 II. Introduction.............................................................................................................. 79 III. Basic requirements ................................................................................................... 81 IV. Model financial statements ...................................................................................... 83 Annex I. Model balance sheet………………………………................................................ 85 Annex II. Model income statement format……………………………….. .......................... 86 Annex III. Model income statement..................................................................................... 87 Annex IV. Model cash flow statement (optional) ................................................................. 88 Chapter 8. 2008 Review of the implementation status of corporate governance

    disclosures: an examination of reporting practices among large enterprises in 10 emerging markets ............................................................... 89

    I. Introduction.............................................................................................................. 90 II. Overview of recent developments in corporate governance disclosure .................... 90 III. Status of implementation of good practices in corporate governance disclosure ..... 100 IV. Conclusions.............................................................................................................. 112 Annex I. List of enterprises included in the study, by market .............................................. 113 Annex II. Disclosure practices of 10 leading enterprises in each of 10 emerging markets .. 114 Chapter 9. 2008 Review of the reporting status of corporate responsibility indicators 117 I. Introduction.............................................................................................................. 117 II. Overview of recent developments in corporate responsibility reporting .................. 118 III. Status of implementation of corporate responsibility reporting ............................... 128 IV. Conclusions.............................................................................................................. 143 Annex I. List of enterprises in th