World Bank2012-06-122012-06-122008-06-21https://hdl.handle.net/10986/7781This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in the Organization of Eastern Caribbean States (OECS). The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. High-quality financial information supports relevant strategic objectives for the OECS, including: (1) an investor-friendly business climate; (2) sub-regional and regional harmonization; (3) better management and increased transparency of public-interest enterprises; and (4) improved Small and Medium Enterprise (SME) access to credit as an outgrowth of a shift toward lending based on the borrower's financial performance and cash flow. Due to their small size (total population about 560,000) and their tropical island geography, OECS countries face special development challenges, including limited human and institutional capacity, high per capita costs of basic social and infrastructure services, and vulnerability to natural disasters and other external shocks. High levels of indebtedness and fiscal imbalance are additional factors affecting growth and crowding out private investment. These constraints significantly affect the strategic planning and decision-making processes in both the public and private sectors and make capacity issues more significant than in larger countries. The OECS accounting and auditing practices need to be strengthened and modernized to serve adequately the emerging needs of the market and support sustainable economic development.en-USCC BY 3.0 IGOACCESS TO CREDITACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTSACCOUNTINGACCOUNTING FIRMACCOUNTING FRAMEWORKACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING RULESACCOUNTSACQUISITIONACQUISITIONSAFFILIATEANNUAL RETURNSAUDIT REPORTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAVERAGE GROWTHAWARENESS CAMPAIGNBALANCE SHEETBALANCE SHEETSBANK LOANBANK LOANSBANKERS ASSOCIATIONBANKING INDUSTRYBANKING SECTORBANKING SUPERVISIONBANKRUPTCYBANKSBEST PRACTICESBONDSBOOKKEEPINGBORROWERBUSINESS CLIMATECALCULATIONCAPITAL ADEQUACYCAPITAL MARKETSCASH FLOWCHECKSCIVIL SERVICECOLLATERALCOMMERCIAL BANKCOMMERCIAL BANK LOANSCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMMUNITY COLLEGESCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTRIBUTIONSCREDIT UNIONSCREDITORSCURRENCYCURRICULACURRICULUMDEBTDEBTSDIRECT INVESTMENTDIRECT INVESTMENTSDISCLOSURE REQUIREMENTSEARNINGSEASTERN CARIBBEAN CENTRAL BANKECONOMIC DEVELOPMENTEDUCATION PROGRAMEMPLOYEE BENEFITSEXTERNAL AUDITORSEXTERNAL FINANCINGEXTERNAL SHOCKSFINANCIAL COMPANIESFINANCIAL DATAFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL POSITIONFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL SERVICES INDUSTRYFINANCIAL STABILITYFINANCIAL SYSTEMFOREIGN BANKSGENERAL PUBLICGOOD PRACTICEGOOD PRACTICESGROSS REVENUEHOME MORTGAGEINCOMEINCOME STATEMENTSINDEBTEDNESSINSURANCEINSURANCE COMPANIESINTEREST PAYMENTSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL AUDITING STANDARDSINVESTMENT ADVISORINVESTMENT COMPANIESLABOR MARKETLARGE COMPANIESLAWSLEGAL ADVICELEGISLATIONLENDERSLIABILITYLOCAL BANKSLOCAL BUSINESSESLOCAL GOVERNMENTLOCAL NEWSPAPERMANDATESMARKET DEMANDMARKET ECONOMYMARKET INCENTIVESMEDIUM ENTERPRISESMERGERSNATIONAL BANKNATIONAL INSURANCENONPERFORMING LOANSOFFSHORE BANKINGPEER REVIEWPENSIONPENSION FUNDSPOSSESSIONPRESS RELEASEPRIVATE INVESTMENTPROBABILITYPRODUCTIVITYPRUDENTIAL REGULATIONSPUBLIC ACCOUNTANTSPUBLIC DEBTPUBLIC DISCLOSUREPUBLIC INFORMATION CAMPAIGNQUALITY ASSURANCEQUALITY CONTROLREDEMPTIONREGULATORY FRAMEWORKRESPONSIBILITIESRISK FACTORSRISK MANAGEMENTSCHOLARSHIPSSECONDARY EDUCATIONSECURITIESSENIORSKILLED WORKERSSTAKEHOLDERSTAKEHOLDERSSTATUTORY AUDITORSSTOCK EXCHANGESTOCK EXCHANGESSUPERVISORY AGENCIESTECHNICAL ASSISTANCETRADE UNIONSTRAINING COURSETRAINING PROGRAMTRAINING PROGRAMSUNAUDITED FINANCIAL STATEMENTSUNEMPLOYMENTVALUATIONWAGESWorld Bank10.1596/7781