1. 1
WORLDBANK – SURINAME MISSION:
REPORT ON OBSERVANCE OF CODES
AND STANDARDS (ROSC) – ACCOUNTING & AUDITING
Cyril Soeri M.A. RA CISA
IFRS Seminar 2011

2. Content
2
 Research Objective;
 An overview of Reports on the Observance of
Standards and Codes (ROSC);
 Lessons Learned in implementing International
Financial Reporting Standards - World Bank
perspective.

3. Research objectives
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 Assess the comparability of national accounting and auditing
standards with International Financial Reporting Standards
(IFRS) and International Standards on Auditing (ISA),
respectively; and the degree to which corporate entities
comply with established accounting and auditing standards in
the country.
 Assist the country in developing and implementing a country
action plan for improving the institutional framework, which
underpins corporate financial reporting regime in the country.

4. An overview of ROSC (1)
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 Methodology – participatory approach with
policymakers and other country stakeholders;
 Diagnostic tools:
 Part 1: Assessment of accounting and auditing environment;
 Part 2: Comparison of national accounting standards and IFRS;
 Part 3: Assessment of actual accounting practices;
 Part 4: Assessment of auditing standards and practices.

5. An overview of ROSC (2)
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 Due Diligence Review and Final Report;
 Development of a Country Action Plan;
 Implementation of the Country Action Plan.

6. Lessons Learned in implementing IFRS (1)
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1. Misunderstandings as to the nature of international
standards;
2. Lack of appropriate mechanisms for granting national
authority to international standards;
3. Inconsistencies between international standards and the
legal framework;
4. Lack of appropriate linkages between general-purpose
financial reporting and regulatory reporting;

7. Lessons Learned in implementing IFRS (2)
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5. Inappropriate scope of application of international
standards;
6. Non-observability of compliance;
7. Areas for improvement in the standards themselves;
8. Mismatch between accounting and auditing
requirements and market demands;

8. Lessons Learned in implementing IFRS (3)
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9. Mismatch between accounting and auditing
requirements and the capacity to comply;
10. Mismatch between accounting and auditing
requirements and domestic enforcement capacity;
11. The special role of the international audit firm
networks.

9. World Bank – Mission Suriname
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 Due diligence review and final report are in
progress;
 More information and public awareness sessions to
be followed soon…

10. 10
Q&A
IFRS Seminar 2011