World Bank2016-12-132016-12-132014-06-13https://hdl.handle.net/10986/25725This Report on Observance and Codes-Accounting and Auditing (ROSC-A&A) assesses the corporate sector accounting, financial reporting, and auditing practices in Jamaica. It builds on its predecessor, a 2003 ROSC-A&A, and its aims to assist the Government of Jamaica's efforts to strengthen accounting and auditing practices and to enhance financial transparency in the corporate sector, so as to support the Government's economic reform program and provide greater confidence to current and potential investors with respect to the financial reporting environment. Jamaica has embarked on an economic reform program whose main objectives are to contain the country's growing economic and external vulnerabilities and address economic imbalances, while putting the country on a path to sustainable growth. Important reforms include: (a) strengthening public finances, including through comprehensive tax reform, expenditure rationalization, and improved public debt management and public financial management; (b) enhancing the resilience of the financial sector through strengthened supervisory, regulatory, and crisis-management frameworks; and (c) improving growth generating efficiency through enhancements to the business environment and strengthened institutional capacity and governance.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING PRACTICESACCOUNTING RULESACCOUNTING SERVICESACCOUNTSACCRUALSARBITRAGEASSET QUALITYAUDIT COMMITTEESAUDIT REPORTSAUDIT STANDARDSAUDITED ACCOUNTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSBALANCE SHEETBALANCE SHEETSBANK DEPOSITBANK OF JAMAICABANKING SERVICESBANKING SUPERVISIONBANKSBUSINESS LAWCAPITAL ADEQUACYCAPITAL MARKETCASH FLOWCENTRAL BANKCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL PAPERCOMMON LAWCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCORPORATE GOVERNANCECORPORATE LAWSCREDIT BUREAUSCREDIT UNIONCREDIT UNIONSCURRENCYDEBT BURDENDEBT RATIODEBT REDUCTIONDEBT SERVICEDEPOSITDEPOSIT INSURANCEDEPOSIT TAKING INSTITUTIONSDEPOSITORSDEPOSITSDISCLOSURE OF INFORMATIONECONOMIC REFORMECONOMIC STABILITYEMPLOYMENTENABLING ENVIRONMENTENFORCEMENT MECHANISMSENTRY REQUIREMENTSEXCHANGE COMMISSIONEXCHANGE CONTROLSEXCHANGE RATEEXPENDITUREEXPORTERSEXTERNAL AUDITORSEXTERNAL INVESTORSFINANCIAL CRISISFINANCIAL HEALTHFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL POLICIESFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL RISKSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCIAL YEARSFISCAL POLICYGAAPGOOD PRACTICEGOOD PRACTICESGOVERNMENT GRANTGOVERNMENT GRANTSGOVERNMENT PAPERGROSS DOMESTIC PRODUCTHOLDINGIMAGEINCOME TAXINFLATIONINSTITUTIONAL CAPACITYINSURANCEINSURANCE COMPANIESINSURANCE INDUSTRYINTEREST RATESINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL BANKINTERNATIONAL INVESTORSINTERNATIONAL STANDARDSINVESTMENT CLIMATEINVESTMENT DECISIONSINVESTMENT FUNDSINVESTMENT PORTFOLIOLAWSLEGAL FRAMEWORKLEGAL SYSTEMLEGISLATIONLENDERLEVEL OF CONFIDENCELIMITED LIABILITYLOANLOSS STATEMENTSMARKET RISKMARKETINGMERCHANT BANKSMONETARY FUNDMONEY SUPPLYNON-PERFORMING LOANSOPEN ECONOMYPENSIONPENSION FUNDSPENSIONSPORTFOLIOPOTENTIAL INVESTORSPROCUREMENTPRODUCTIVITYPUBLIC ACCOUNTANTSPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC ENTERPRISESPUBLIC FINANCESPURCHASINGPURCHASING POWERQUALITY ASSURANCEQUALITY CONTROLREGULATORY AUTHORITYREGULATORY CAPACITYREGULATORY FRAMEWORKRETURNRETURNSSAVINGSSECURITIESSECURITIES DEALERSSECURITIES INDUSTRYSECURITIES REGULATIONSETTLEMENTSHAREHOLDERSSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSUBSIDIARYSYSTEMIC RISKTAXTAX COMPLIANCETAX REFORMTAX REGIMETAXATIONTECHNICAL ASSISTANCETRADINGTRANSPARENCYTREASURYTURNOVERReportWorld Bank10.1596/25725