World Bank2012-03-192012-03-192010-07-01https://hdl.handle.net/10986/2898This Report on the Observance of Standards and Codes for Accounting and Auditing (ROSC A&A) is a part of the World Bank (WB) and International Monetary Fund (IMF) joint initiative to review countries use of 12 internationally recognized standards/codes related to economic stability and private and financial sector development, including evaluating the country's accounting and auditing practices based on internationally recognized benchmarks and, based on that review, to make policy recommendations to help it bridge the gaps between current practices and those considered adequate. ROSC policy recommendations are intended to help strengthen a country's financial architecture, attract more foreign direct investment and foreign portfolio investment, and mobilize domestic savings, which, in turn, would allow for pension savings. In addition, improved financial reporting allows investors to better evaluate corporate prospects and make informed investment and voting decisions, which results in a lower cost of capital and a better allocation of capital and resources. Financial reporting is also the bedrock of corporate governance, allowing shareholders and the public at large to monitor management's performance. The formal financial sector in World Bank and Group (WB&G) emerged after the signing of the Oslo accord in 1993 and the Paris protocol in 1994. The Paris protocol provided Palestinians the authority to administer monetary and financial affairs in order to support expected economic growth. Those expectations were never fully realized because of ongoing tension among stakeholders, political instability and restrictions on the mobility of persons and goods.CC BY 3.0 IGOACCEPTABLE COLLATERALACCESS TO FINANCINGACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING RULESACCOUNTING SERVICESACCOUNTING TREATMENTACCUMULATED DEPRECIATIONAFFILIATESALLOCATION OF CAPITALARREARSAUDIT COMMITTEEAUDIT REPORTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PRINCIPLESAUDITING PROFESSIONAUDITING STANDARDSAUDITOR ROTATIONAUDITORSAUDITSBALANCE SHEETBANK LOANBANKING INSTITUTIONSBANKING LAWBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKSBOOK VALUEBOOKKEEPINGBUDGETARY SUPPORTBUSINESS ADMINISTRATIONBUSINESS COMMUNITYCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCASH FLOWCASHFLOWCERTIFIED PUBLIC ACCOUNTANTSCHECKSCOMMERCIAL BANKSCOMPANY LAWCOMPANY LAWSCONTINGENT LIABILITIESCORPORATE BORROWERSCORPORATE GOVERNANCECOST OF CAPITALCREDIT BUREAUCURRENCYCURRENT ASSETSDEVELOPING COUNTRIESDISCLOSURE REQUIREMENTSDUE DILIGENCEEARNINGS PER SHAREECONOMIC STABILITYENTRY REQUIREMENTSEQUIPMENTEXTERNAL AUDITORSFAIR VALUEFAIR VALUESFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL POLICIESFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL TRANSACTIONSFOREIGN DIRECT INVESTMENTFOREIGN PORTFOLIO INVESTMENTFUTURE CASH FLOWSGAAPGOOD PRACTICEGOOD PRACTICESGOVERNANCE STANDARDSHOLDINGIMAGEINADEQUATE DISCLOSUREINCOME TAXINCOME TAXESINFORMATION SYSTEMINSTITUTIONAL INVESTORINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE INDUSTRYINSURANCE PRODUCTSINTEREST RATEINTERNAL AUDITORSINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVENTORIESINVESTMENT ACTIVITIESINVESTMENT CLIMATEINVESTMENT FUNDISLAMIC BANKINGISLAMIC FINANCEISLAMIC FINANCIAL INSTITUTIONSISSUANCELAWSLEGAL FRAMEWORKLEGISLATIONLETTERS OF CREDITLIMITED LIABILITYLIMITED PARTNERSHIPLOAN GUARANTEELOCAL CURRENCYLOSS STATEMENTLOSS STATEMENTSMANDATESMARKET ACCESSMARKET CAPITALIZATIONMARKET DEVELOPMENTMARKET ECONOMYMARKET TRADINGMARKET VALUEMICRO FINANCEMICRO-FINANCEMICRO-FINANCE INSTITUTIONSMONETARY AUTHORITYMONETARY FUNDMUNICIPALITIESNET REALIZABLE VALUENEW PRODUCTSOPEN MARKETOPERATING COSTSOPERATING LEASESORIGINAL AMOUNTSPENALTIESPENSIONPENSION FUNDSPENSIONSPORTFOLIOPRIVATE INVESTMENTPUBLIC INVESTMENTPUBLIC RELATIONSPURCHASINGPURCHASING POWERQUALITY ASSURANCEQUALITY CONTROLRECURRENT EXPENDITURESREGULATORY FRAMEWORKREGULATORY INFRASTRUCTUREREMITTANCESRETIREMENTRETURNRETURNSREVALUATION SURPLUSRISK MANAGEMENTSALESSAVINGSSAVINGS ACCOUNTSSECURITIESSECURITIES EXCHANGESECURITIES LAWSECURITIES MARKETSECURITIES MARKET LAWSELLINGSHAREHOLDERSSHAREHOLDERS´ EQUITYSTOCK EXCHANGESTOCK EXCHANGESSUBSIDIARIESSUBSTITUTESSUPERVISORY FRAMEWORKTAXTAX ADMINISTRATIONTAX BENEFITSTAX RATESTECHNICAL ASSISTANCETELECOMMUNICATIONSTRADE FINANCETRADE FINANCINGTRADINGTRADING SYSTEMSTRANSACTIONTRANSPARENCYTREASURYTURNOVERVALUATIONWorld Bank10.1596/2898