World Bank2014-01-292014-01-292013-06-11https://hdl.handle.net/10986/16681This Report on the Observance of Standards and Codes: Accounting and Auditing (ROSC A&A) has been prepared under the Financial Sector Assessment Program in Brazil. The report assesses the status of implementation of 2005 ROSC A&A policy recommendations, highlights recent improvements in Brazil's corporate financial reporting framework, and sheds light on emerging issues regarding the institutional underpinnings of accounting and auditing practices that require further upgrading in line with international good practices. In addition to maintaining appropriate macroeconomic policies, there is an extensive agenda to implement wide ranging structural reforms to promote growth, increase productivity, and raise living standards. Brazil's low domestic savings and limited domestic long-term financing markets remain a major impediment to the investment in infrastructure that is required to sustain high economic growth. Given the increased role played by the financial system, especially as more families and businesses have access to banking credit and capital markets, it will also be necessary to further develop and strengthen Brazil's financial markets and institutions, to help to ensure macroeconomic stability and sustainable growth. In this context, one of the strategic objectives of the ROSC A&A is to help consolidate the institutional framework for accounting and auditing in Brazil in order to support improvements in business conditions in general, and facilitate access to more abundant and cheaper domestic and foreign financial resources.en-USCC BY 3.0 IGOACCOUNTACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING CURRICULUMACCOUNTING METHODSACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING REPORTSACCOUNTING RESEARCHACCOUNTING RULESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING THEORYACCOUNTSASSET PRICESASSET VALUESAUDIT COMMITTEEAUDIT COMMITTEESAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROCEDURESAUDITING STANDARDSAUDITOR ROTATIONAUDITORSAUDITSBALANCE SHEETBANK CREDITBANK EXAMINATIONBANK EXAMINERSBANKING ASSETSBANKING SECTORBANKING SUPERVISIONBOARDS OF DIRECTORSBROKERSBUSINESS CONDITIONSBUSINESS LAWCAPITAL ADEQUACYCAPITAL MARKETCAPITAL MARKETSCASH FLOWSCENTRAL BANKCIVIL CODECOMMERCIAL PAPERCOMMERCIAL REGISTRYCOMMODITY PRICESCOMPANY LAWCONFLICTS OF INTERESTCONSOLIDATED FINANCIAL STATEMENTSCORPORATE GOVERNANCECOST ACCOUNTINGCREDIT COOPERATIVESCREDIT GROWTHCREDIT RATINGSCURRENCYDEBENTURESDEBT CRISISDEBT MARKETSDEPOSITDEPOSIT INSURANCEDEPOSITSDERIVATIVESDEVELOPMENT BANKSDISCLOSURE REQUIREMENTSDOMESTIC CAPITALDOMESTIC EQUITYDOMESTIC MARKETSDOMESTIC SECURITIESEMPLOYMENTEQUITIESEQUITY CAPITALEQUITY MARKETEQUITY MARKET CAPITALIZATIONEXCHANGE COMMISSIONEXTERNAL AUDITORSEXTERNAL DEBTFAIR VALUEFINANCIAL ACCOUNTINGFINANCIAL CRISISFINANCIAL DEEPENINGFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL SYSTEMSFISCAL POLICYFLEXIBLE EXCHANGE RATESFOREIGN BANKSFOREIGN DIRECT INVESTMENTSFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN INSURERSFOREIGN MARKETSFORENSIC ACCOUNTINGFRAUDFUTURESFUTURES EXCHANGEGAAPGOOD PRACTICESGROSS DOMESTIC PRODUCTGROSS REVENUEGROSS REVENUESHOLDINGHOUSINGHUMAN DEVELOPMENTINCOME INEQUALITYINCOME TAXINFLATIONINFORMATION SYSTEMINFORMATION SYSTEMSINSTITUTIONAL CAPACITYINSURANCEINSURANCE COMPANIESINSURANCE MARKETINSURANCE POLICIESINTEREST RATESINTERNAL AUDITINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTSINTERNATIONAL FINANCIAL CRISISINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTMENT FUNDSISSUANCEISSUANCESJOINT STOCK COMPANIESLAWSLEGAL AUTHORITYLEGAL IMPEDIMENTLEGAL OBLIGATIONLEGAL PROVISIONSLEGISLATIONLIMITED LIABILITYLIVING STANDARDSLOANLONG-TERM FINANCEMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC STABILITYMANAGEMENT ACCOUNTINGMANAGEMENT INFORMATION SYSTEMSMANDATESMARKET PRACTICESMARKET SHAREMICRO CREDITMINORITY SHAREHOLDERSMONETARY FUNDMORTGAGENET PROFITOUTSTANDING CREDITPEER REVIEWPENALTIESPENSIONPENSION FUNDPENSION FUNDSPENSIONSPRIVATE SECTOR BANKSPRODUCTIVITYPRUDENTIAL SUPERVISIONPUBLIC ACCOUNTINGPUBLIC DEBTPUBLIC FINANCESPUBLIC OFFERINGSPUBLIC SECTOR BANKSQUALITY ASSURANCEQUALITY CONTROLREAL ESTATE LOANSREGISTRY SYSTEMREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY REPORTSRETAINED EARNINGSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISK PROFILESAVINGSSECURITIESSECURITIES REGULATIONSELF-REGULATIONSETTLEMENTSHAREHOLDERSHAREHOLDERSSOLVENCYSOVEREIGN DEBTSTOCK EXCHANGESTOCK MARKETSUBSIDIARIESSUBSIDIARYSUPERVISION OF BANKSSUPERVISORY AGENCYSUPERVISORY AUTHORITYTAXTAX REGIMETAXATIONTRANSPARENCYUNLIMITED LIABILITYVALUATIONSWAGESWorld Bank10.1596/16681