World Bank2012-03-192012-03-192011-03-01https://hdl.handle.net/10986/2828This ROSC analyzes accounting, financial reporting and auditing practices within the corporate sector in Nicaragua, using International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and drawing on international experience and good practice in those fields. Nicaragua remains among the poorest countries of the Western Hemisphere, with 46 percent of its five million people living below the poverty line. The 2008 Gross Domestic Product (GDP) of US$6.4 billion translates into a per-capita GDP of approximately US$1,000. After average GDP growth of about 3.6 percent during 2005-08, the global financial and economic crisis lead to a contraction in real GDP of 1.5 percent in 2009. Going forward, if the private sector is to serve as an engine of growth for the Nicaraguan economy, the country needs to follow high-level accounting and auditing practices and the highest standards of corporate governance. This ROSC supports three main development objectives: (a) improving Nicaragua's investment climate; (b) ensuring the stability and fostering the development of the local financial sector and (c) advancing governance and financial accountability in both the private and public sectors. The report seeks to help the authorities address these issues by: (i) improving the technical skills of accounting and audit practitioners, (ii) strengthening the regulatory framework governing accounting and audit practices in Nicaragua, and (iii) developing the institutional capacity of the country's accounting professional bodies.El presente informe sobre el cumplimiento de normas y códigos ROSC analiza las prácticas contables, de información financiera y de auditoría en el sector empresarial de Nicaragua, utilizando las Normas Internacionales sobre Información Financiera (NIIF) y las Normas Internacionales de Auditoría (NIA) como parámetros de referencia y basándose en la experiencia y la buena práctica internacional en dichos ámbitos. El informe apoya tres objetivos de desarrollo principales: mejorar el clima de inversión de Nicaragua; asegurar la estabilidad y favorecer el desarrollo del sector financiero local y promover la gobernabilidad y responsabilidad financiera tanto en el sector privado como público. El informe procura ayudar a las autoridades a atender los retos que se plantean mediante la mejora de las aptitudes técnicas de los profesionales contables y de auditoría, el fortalecimiento del marco regulatorio y el desarrollo de la capacidad institucional de los organismos contables profesionales del país.CC BY 3.0 IGOACCOUNTABILITYACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING CURRICULAACCOUNTING CURRICULUMACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING RULESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING SYSTEMSACCOUNTING TREATMENTACCOUNTSACCUMULATED DEPRECIATIONACTUARIESAFFILIATESAUDIT COMMITTEEAUDIT REPORTSAUDIT STANDARDAUDIT STANDARDSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAUTONOMYBALANCE SHEETBALANCE SHEETSBANK FOR INTERNATIONAL SETTLEMENTSBANKING ASSETSBANKING CRISISBANKING SECTORBANKING SECTOR ASSETSBANKING SUPERVISIONBONDBONDED WAREHOUSEBONDED WAREHOUSESBONDSBUDGET CONSTRAINTSBUSINESS ADMINISTRATIONBUSINESS COMBINATIONSBUSINESS COMMUNITYCAPACITY CONSTRAINTSCAPITAL FORMATIONCAPITAL MARKETSCASH FLOWCASH FLOWSCDCENTRAL BANKCERTIFICATES OF DEPOSITCIVIL CODECIVIL LAWCOLLATERALCOMMERCIAL BANKSCOMMERCIAL PAPERCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCOOPERATIVESCORPORATE GOVERNANCECREDIT RISKCREDIT RISK EXPOSURESCREDIT RISK MANAGEMENTCURRENCYCURRENT ASSETSDEBTDEBT RELIEFDEBTORSDERIVATIVESDEVELOPMENT BANKECONOMIC DEVELOPMENTECONOMIC RISKENABLING ENVIRONMENTENFORCEMENT MECHANISMSEQUIPMENTEXPENDITUREEXPENDITURESEXTERNAL AUDITORSEXTRAORDINARY ITEMSFACTORINGFAIR VALUEFINANCIAL ACCOUNTINGFINANCIAL ASSETSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL SERVICESFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFISCAL POLICIESFOREIGN BANKSFORGIVENESSFRAUDSFUTURE CASH FLOWSGAAPGOOD PRACTICEGOODWILLGOVERNANCE STANDARDGOVERNMENT ACCOUNTINGGOVERNMENT ACCOUNTING STANDARDSGROSS DOMESTIC PRODUCTHUMAN CAPITALHUMAN CAPITAL DEVELOPMENTHUMAN DEVELOPMENTINCOME INSTRUMENTSINCOME STATEMENTSINFORMATION SYSTEMSINSTITUTIONAL CAPACITYINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE POLICYINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL BANKINTERNATIONAL BANKINGINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL INVESTORSINTERNATIONAL SETTLEMENTSINTERNATIONAL STANDARDSINVENTORIESINVENTORYINVESTMENT CLIMATELAWSLEGAL FRAMEWORKLEGAL PROVISIONSLEGAL SYSTEMLEGISLATIONLENDERSLIABILITYLIQUID MARKETLOANLOAN PORTFOLIOLOCAL BUSINESSESLOCAL STOCK EXCHANGEMANDATESMARKET PARTICIPANTSMARKET RISKMATURITYMATURITY DATESMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMICROFINANCE SECTORMONETARY FUNDMONETARY POLICYNET ASSETSNEW ENTRANTSOPERATIONAL RISKOWNERSHIP STRUCTUREPENSIONPENSION FUNDPENSION FUNDSPOTENTIAL INVESTORSPRIVATIZATIONPROBABILITY OF DEFAULTPRODUCTIVITYPRUDENTIAL REQUIREMENTSPRUDENTIAL STANDARDSPRUDENTIAL SUPERVISIONPUBLIC ACCOUNTANTSPUBLIC ACCOUNTINGPUBLIC DEBTPUBLIC ENTERPRISESPUBLIC EXPENDITURESPUBLIC FUNDSPUBLIC REGISTRYPUBLIC SERVICESQUALITY ASSURANCEQUALITY CONTROLQUALITY OF EDUCATIONRATES OF RETURNREAL SECTORREGULATORY FRAMEWORKRESERVERESERVESRETURNRISK MANAGEMENTSECONDARY MARKETSECURITIESSECURITIES EXCHANGESECURITIES MARKETSEWAGESHAREHOLDERSHAREHOLDERSSMALL BUSINESSSOLVENCYSTOCK EXCHANGESUBSIDIARYSYSTEMIC RISKTAXTAX CODETAXATIONTERRORISMTRADINGTURNOVERVALUATIONVALUATION OF SECURITIESWorld Bank10.1596/2828