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World Bank (2012)
Publisher: World Bank, Washington, DC
Languages: English
Types: Report
Subjects: ACCOUNTABILITY, ACCOUNTANCY, ACCOUNTANT, ACCOUNTANTS, ACCOUNTING, ACCOUNTING CURRICULUM, ACCOUNTING FIRM, ACCOUNTING FIRMS, ACCOUNTING PRACTICES, ACCOUNTING PRINCIPLES, ACCOUNTING RECORDS, ACCOUNTING REFORM, ACCOUNTING REPORTS, ACCOUNTING RULES, ACCOUNTING STANDARD, ACCOUNTING STANDARDS, ACCOUNTS, ACCRUAL ACCOUNTING, ADVERTISING, AMORTIZATION, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANIES, AUDIT COMMITTEE, AUDIT ENGAGEMENTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROFESSION, AUDITING STANDARDS, AUDITORS, AUDITS, BALANCE SHEET, BANKING REGULATION, BANKING SECTOR, BANKING SUPERVISION, BONDS, BOOKKEEPING, BORROWER, BORROWING COSTS, BUSINESS COMMUNITY, BUSINESS INDICATORS, BUSINESS MANAGEMENT, CAPITAL MARKET, CASH FLOWS, CENTRAL BANK, CERTIFIED PUBLIC ACCOUNTANTS, COLLATERAL, COLLATERALS, COMMERCIAL BANKS, COMMERCIAL CODE, COMMERCIAL ENTERPRISES, COMMERCIAL LAW, COMPLIANCE GAPS, CONSOLIDATED FINANCIAL STATEMENTS, CORPORATE GOVERNANCE, CREDIT RISKS, CREDIT-RATING AGENCIES, CREDITOR, CREDITOR RIGHTS, CREDITORS, DEPOSITS, DEPRECIATION, DIRECT INVESTMENT, DISCLOSURE REQUIREMENTS, DISCOUNT RATE, DOMESTIC MARKET, DUE DILIGENCE, ECONOMIC DEVELOPMENT, EMPLOYMENT, ENFORCEMENT MECHANISMS, ENFORCEMENT SYSTEM, EQUIPMENTS, EXPENDITURE, EXPENDITURES, EXTERNAL AUDITORS, FAIR VALUE, FINANCES, FINANCIAL ACCOUNTING, FINANCIAL CRISIS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL REPORTS, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FISCAL DISCIPLINE, FIXED ASSETS, FOREIGN DIRECT INVESTMENT, GLOBAL ECONOMY, GOOD PRACTICE, GOOD PRACTICES, GOODWILL, GOVERNMENT ACCOUNTING, GOVERNMENT ACCOUNTING SYSTEM, GOVERNMENT FINANCES, HUMAN RESOURCE, HUMAN RESOURCE MANAGEMENT, INDEBTEDNESS, INFLATION, INFORMATION SYSTEM, INFORMATION SYSTEMS, INSTITUTIONAL CAPACITY, INSURANCE, INSURANCE COMPANIES, INTANGIBLE, INTANGIBLE ASSETS, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL DEVELOPMENTS, INTERNATIONAL ECONOMICS, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL MARKET, INTERNATIONAL STANDARD, INTERNATIONAL STANDARDS, INVENTORIES, INVESTMENT CLIMATE, INVESTMENT DECISIONS, ISSUANCE, LAWS, LEGAL FRAMEWORK, LEGAL OBLIGATIONS, LEGISLATION, LENDERS, LENDING DECISIONS, LIMITED LIABILITY, LIQUIDATION, LOAN, LOCAL CAPACITY, MACROECONOMIC MANAGEMENT, MACROECONOMICS, MARKET CAPITALIZATION, MARKET PARTICIPANTS, MARKETING, MICRO-FINANCE, MICRO-FINANCE INSTITUTIONS, MUNICIPALITIES, OFFSHORE BANKS, PAYMENT SYSTEMS, PENALTIES, PENSION, POLITICAL STABILITY, PRODUCTIVITY, PRUDENTIAL REGULATIONS, PRUDENTIAL SUPERVISION, PUBLIC ACCOUNTING, PUBLIC ENTERPRISES, PUBLIC FUNDS, QUALITY ASSURANCE, QUALITY CONTROL, QUALITY OF WORK, QUANTITATIVE METHODS, REMITTANCES, RETURN, RETURNS, RISK EXPOSURES, SALES, SALES OF ASSETS, SAVINGS, SECURITIES, SECURITIES EXCHANGE, SHAREHOLDERS, SMALL BUSINESSES, STATUTORY AUDITORS, STATUTORY REQUIREMENTS, STOCK EXCHANGE, TAX, TAX FRAMEWORK, TAX RULES, TAXATION, TECHNICAL ASSISTANCE, TERRORISM, TRANSACTION, TRANSPARENCY, TRANSPORT, TREASURY, TURNOVER, UNDERLYING ASSETS, VALUATION
This Report on the Observance of Standards and Codes (ROSC) provides an assessment of the strengths and weaknesses of the existing financial reporting infrastructure that underpins financial accounting and auditing practices in Cape Verde. The assessment focuses on six pillars of financial reporting infrastructure: statutory framework, professional education and training, accountancy profession, accounting standards, auditing standards, and monitoring and enforcement of the applicable standards. The main purpose of this assessment is to assist the development and implementation of a country action plan for strengthening institutional capacity with attendant effects on enhancing corporate financial reporting in Cape Verde. The findings reveal that Cape Verde has recognized the importance of a strong corporate financial reporting architecture. In terms of accounting and auditing standards, Cape Verde adapted International Financial Reporting Standards (IFRS) for the private companies and fully adopted IFRS for banking and insurance institutions sector. However, there is no tradition of financial analysis in the country (except within the financial institutions when issuing credit) and no credit-rating agencies. The banks do not rely on corporate financial statements; generally, the lenders manage credit risks using collaterals. The Bank of Cape Verde mandated IFRS for banks and insurance companies in 2008. In addition, the capacity of regulators would be built to cope with the demands of IFRS-compliant financial reporting. The central bank would include in its scope the regulation of micro-finance institutions, which are currently unregulated. In order to improve the legal framework of corporate financial reporting, there is need to enact a Financial Reporting Act with focus on all regulatory aspects of accounting and auditing.

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