World Bank2013-03-122013-03-122011-02-14https://hdl.handle.net/10986/12666This report provides an assessment of the corporate sector accounting, financial reporting, and auditing practices in Liberia. The assessment undertaken is positioned within the broader context of the country s institutional framework and capacity needed to enhance the quality of corporate financial reporting that is a key contributor to improving investor confidence and ultimately economic growth. Efforts are necessary for strengthening the capacity of the regulators and developing accounting and auditing standards in Liberia.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANCY FIRMSACCOUNTINGACCOUNTING CURRICULAACCOUNTING FIRMACCOUNTING FIRMSACCOUNTING PRINCIPLESACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING TREATMENTACTUARIESADEQUATE DISCLOSUREAFFILIATESAUDIT ENGAGEMENTSAUDIT EVIDENCEAUDIT REPORTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROCEDURESAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSBALANCE SHEETBANK LOANBANKING RISKSBANKING SERVICESBANKING SUPERVISIONBANKING SYSTEMBANKSBUSINESS COMMUNITYBUSINESS ETHICSBUSINESS MANAGEMENTCAPACITY CONSTRAINTSCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCASH BALANCESCENTRAL BANKCERTIFIED PUBLIC ACCOUNTANTSCIVIL SERVICECOLLATERALCOMMERCIAL BANKCOMMERCIAL BANKSCOMMERCIAL CREDITORSCOMPETITIVE BIDDINGCOMPLIANCE GAPSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTINGENT LIABILITIESCREDIT APPROVALCREDIT HISTORIESCREDIT RATINGCURRENT ASSETSDEBTDEBT REDUCTIONDEBT RELIEFDEBT SERVICEDEPRECIATIONDEVELOPMENT BANKDIRECT INVESTMENTSDISCLOSURE REQUIREMENTSDUE DILIGENCEEMPLOYMENTENFORCEMENT MECHANISMENFORCEMENT MECHANISMSENFORCEMENT PROCESSENFORCEMENT SYSTEMEQUIPMENTEXPENDITUREFAIR MARKET VALUEFAIR VALUESFIDUCIARY RESPONSIBILITYFINANCIAL ASSETSFINANCIAL CRISESFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL REPORTSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL STRENGTHFINANCIAL TRANSACTIONSFIXED ASSETSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN CURRENCY EXPOSUREFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTMENTSFOREIGN INVESTORSGAAPGOOD PRACTICEGOVERNANCE ISSUEGROSS DOMESTIC PRODUCTHUMAN RESOURCEIMAGEINADEQUATE DISCLOSUREINFLATIONINFORMATION SYSTEMINFORMATION TECHNOLOGYINFRASTRUCTURE INVESTMENTINSTALLMENT SALESINSTITUTIONAL CAPACITYINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE INDUSTRYINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL DEVELOPMENTINTERNATIONAL DEVELOPMENTSINTERNATIONAL MARKETINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVENTORIESINVENTORYINVESTMENT CLIMATEINVESTMENT DECISIONINVESTMENT DECISIONSINVESTMENT INSTRUMENTSINVESTOR CONFIDENCEISSUANCELAND TITLELAWSLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL OBLIGATIONSLEGAL PROVISIONSLEGISLATIONLOANLOAN APPLICATIONLOCAL BANKSLONG-TERM INVESTMENTMARKET PARTICIPANTSMARKET VALUEMARKETINGMICROFINANCEMICROFINANCE INSTITUTIONSMINIMUM CAPITAL REQUIREMENTSMINORITY INVESTORSMONETARY FUNDNON-PERFORMING LOANSPENALTIESPOLITICAL STABILITYPORTFOLIOPORTFOLIO INVESTMENTPOTENTIAL INVESTORSPRIVATE INVESTMENTPROCUREMENTPRUDENTIAL REGULATIONSPRUDENTIAL REQUIREMENTSPUBLIC ACCOUNTINGQUALITY ASSESSMENTQUALITY ASSURANCEQUALITY AUDITSQUALITY CONTROLREGULATORY CAPACITYREGULATORY FRAMEWORKRETURNSSALESSECURITIESSHAREHOLDERSSTATE ENTERPRISESSTATUTORY AUDITORSSUBSIDIARIESSUPERVISION OF BANKTAXTAX RULESTAXATIONTRANSPARENCYTRANSPORTUNAUDITED FINANCIAL STATEMENTSVALUATIONWorld Bank10.1596/12666