World Bank Group2016-04-192016-04-192014-09https://hdl.handle.net/10986/24095This assessment of accounting and auditing practices in Latvia is part of a joint initiative of the World Bank and International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSC). One of the twelve ROSC modules focuses on Accounting and Auditing (A&A), this assessment addresses the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and includes a review of both mandatory requirements and actual practice. This is the second A&A ROSC for Latvia. The first one was published in 2005.en-USCC BY 3.0 IGOINTERNATIONAL ACCOUNTING STANDARDSACCOUNTING PRINCIPLESEXTERNAL AUDITORSEMPLOYMENTCAPITAL MARKETSFINANCIAL SERVICESREGULATORY FRAMEWORKCASH FLOW STATEMENTSINTANGIBLE ASSETSACCOUNTINGFINANCIAL MANAGEMENTPRINCIPALGOOD PRACTICESPUBLIC DISCLOSURESALESINTERESTDEPRECIATIONLAWSFACTORINGGUARANTEESINDUSTRYBUSINESS ADMINISTRATIONSTRATEGIESRESOURCE ALLOCATIONSERVICESREVALUATION SURPLUSTAX COLLECTIONFINANCIAL PERFORMANCE INDICATORSHOUSINGBOOK VALUEFINANCIAL STATEMENTSDISTRIBUTIONPRICINGPROJECTSACCRUALSOWNERSHIPPLANNINGBUSINESS ASSOCIATIONSQUALITYBUDGETINGMANAGEMENT REPORTSREPORTINGACQUISITIONSMUNICIPALITIESAUDITSACCOUNTING SERVICESEQUITY CAPITALLONG TERM ASSETSACCUMULATED DEPRECIATIONTECHNICAL ASSISTANCEPENALTIESLEGAL PROVISIONSCREDIT UNIONSACQUISITIONTRANSPORTFINANCIAL DATAACCOUNTING POLICIESTRANSFERSACCOUNTING RULESCURRENT ASSETSCABINET OF MINISTERSCRITERIAFINANCIAL INSTITUTIONSMARKETSDEBTFINANCIAL REPORTINGLOCAL GOVERNMENTLEGISLATIONSTATUTORY AUDITORSBUSINESS COMBINATIONSACCOUNTING FIRMSFIXED ASSETLOANSENTERPRISESGROSS PROFITENFORCEMENT POWERSINVENTORYFINANCIAL SYSTEMLEGAL FRAMEWORKACCOUNTFINANCEINFRASTRUCTURETAXESBANKING SECTORBANKSEXPENDITURERESOURCESAUDITED FINANCIAL INFORMATIONOPERATING LEASESEQUITYGOODWILLGAAPAUDITED FINANCIAL STATEMENTSACCOUNTABILITYINTERNAL AUDITORSACCOUNTANTSCAPITALAUDITORSEXPENSESFINANCIAL STABILITYSUBSIDIARIESINTERNATIONAL AUDITING STANDARDSVALUEBANKQUALITY AUDITSCREDITQUALITY STANDARDSBUDGETSACCOUNTANCYCOST OF SALESDEFERRED INCOMEPEER REVIEWBANK OF LATVIACAPITALIZATIONFINANCIAL PERFORMANCEPROPERTYFOREIGN BANKSCOSTACCUMULATED INCOMEAFFILIATESBALANCE SHEETAUDIT REPORTSFINANCIAL REPORTING STANDARDSQUALITY CONTROLCONSOLIDATED FINANCIAL STATEMENTSSUBSIDIARYRISK FACTORSADMINISTRATIONGOVERNANCEINTEGRATED SUPERVISIONINSURANCEINSURANCE PREMIUMSBOOKKEEPINGTAXATIONPAYROLLPARENT COMPANIESPRUDENTIAL REQUIREMENTSRETAINED EARNINGSACCOUNTING STANDARDSAUDIT COMMITTEESBUSINESSRISKCOMMERCIAL BANKSACCOUNTING INTERPRETATIONSASSOCIATED COMPANIESAUDIT EVIDENCEACCOUNTING TREATMENTTAX ADMINISTRATIONREVENUEAUDITOR ROTATIONACCOUNTSACQUISITION COSTSQUALITY ASSURANCEEXTRAORDINARY INCOMEAUDITING STANDARDSAUDITFINANCIAL ACCOUNTINGBANK BRANCHESAUDITING PROFESSIONGOVERNMENTSIMPLEMENTATIONAUDITINGFINANCIAL REPORTSCONSOLIDATIONReportWorld Bank10.1596/24095