World Bank2013-07-252013-07-252003-06-15https://hdl.handle.net/10986/14547This report assesses both the mandatory requirements and the actual practices of the accounting and auditing professions in Jamaica, using the International Accounting Standards (IAS) and the International Standards of Auditing (ISA) as benchmarks. The assessment was conducted using a diagnostic tool developed by the World Bank under a joint initiative of World Bank and International Monetary Fund on the Reports on the Observance of Standards and Codes (ROSC). The Institute of Chartered Accountants of Jamaica (ICAJ) initially carried out a self-assessment with the assistance of an international consultant, to prepare the ground for obtaining financial assistance under the Multilateral Investment Fund program of the Inter-American Development Bank.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTING PERIODSACCOUNTING STANDARDSACCRUALSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING STANDARDSAUDITORSAUDITSAUTONOMYBALANCE SHEETBANK OF JAMAICABORROWING COSTSCAPITALIZATIONCENTRAL AMERICACOMMERCIAL BANKSCONSOLIDATED FINANCIAL STATEMENTSEXTERNAL AUDITORSEXTRAORDINARY ITEMSFINANCIAL CONGLOMERATESFINANCIAL INSTITUTIONSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL SERVICESINCOME TAXESINSURANCEINTANGIBLE ASSETSINTERNATIONAL ACCOUNTING STANDARDSLAWSLEGAL FRAMEWORKLEGISLATIONLICENSESLOAN LOSS PROVISIONSMERCHANT BANKSMULTILATERAL INVESTMENT FUNDOFFSITE SUPERVISIONPENALTIESPRIVATE SECTORPRUDENTIAL REGULATIONSPUBLICREGULATORY FRAMEWORKRETAINED EARNINGSRETIREMENTTAXTRANSPARENCYWorld Bank10.1596/14547