Fortin, HenriHirata Barros, Ana CristinaCutler, Kit2013-05-242013-05-242010978-0-8213-8108-3https://hdl.handle.net/10986/13539In the Latin America and Caribbean (LAC) region, as in the rest of the world, reliable financial information is the cornerstone of a robust market economy and efficient public sector. This book presents both an analysis of the broader trends derived from the individual country-level studies produced under the Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) program and a synthesis of lessons learned from the Bank's experiences working with policy makers and other stakeholders to implement the ROSC A&A recommendations. This first chapter introduces the book by showing how sound A&A practices in the private and public sectors contribute to LAC development agenda, and by describing the regional economic context. It then presents three case studies of successful financial reporting and auditing reforms within LAC, showing how these reforms have benefited the countries. It describes drivers of reform that have led some countries to adopt global standards of good A&A practice and others to take a more conservative, wait and see approach. Finally, the chapter describes the objectives and methodology of this study, and the structure of the book.en-USCC BY 3.0 IGOAccountabilityAccountantAccountingaccounting policiesaccounting practicesAccounting PrinciplesAccounting StandardsAICallocation of capitalaudit committeeAuditingAuditorsauditsbalance sheetbank depositsbank failurebank failuresBank Governorsbanking crisesbankruptcybondsbusiness climatecapacity buildingcapacity developmentcapital marketcapital market reformscapital marketscash flowcash flowsCentral Bankcivil lawCommoditiescommodity pricescommon lawCompany Lawcompany lawsconsolidated financial statementsconsolidated supervisionCopyright ClearanceCopyright Clearance Centercorporate governancecost of capitalcredibilitycredit ratingcredit rating agenciescreditorscurrencycurrency devaluationdebt obligationsdebt securitiesdebt stocksdepositorsderivativesdeveloping countriesDevelopment Bankdevelopment pathdisclosure of informationdomestic marketEconomic Developmentemerging marketemerging market countriesemploymentenforcement powersEntry Requirementsequity marketsequity securitiesExchange Commissionexchange ratesexternal auditorsexternal debtfair valuefiduciary responsibilityfinancesFinancial AccountingFinancial AssetFinancial Assetsfinancial contagionfinancial crisisfinancial datafinancial derivativesfinancial healthFinancial Informationfinancial innovationsFinancial institutionsfinancial managementFinancial Marketsfinancial performanceFinancial Sectorfinancial stabilityFinancial Statementsfinancial supportfixed costsflexible exchange rateflexible exchange rate regimesForeign investorsForeign MarketfraudFuturesFutures Exchangeglobal climateglobal marketsglobalizationgovernance standardsgovernment debtgovernment debt securitiesGross domestic productholdingshuman developmentincomeincome distributionincome taxesindebtednessinflationinformation asymmetriesinitial public offeringsinstitutional investorsInsuranceinsurance companiesInternal ControlInternational Accounting StandardsInternational Bankinternational banksinternational creditinternational credit ratinginternational developmentinternational investorsInternational StandardInternational Standardsinvestinginvestment capitalinvestment decisionsInvestment Fundinvestment fundsinvestment moneyinvestor confidenceinvestor interestlack of transparencylegal systemlegal traditionlegal traditionslegislationlenderlendersliquidityloanloan covenantslocal enterprisesmacroeconomic stabilitymark-to-marketmarket capitalizationmarket disciplinemarket economymarket reformsmarket regulatormarket regulatorsMicroenterprisesminority shareholdersMonetary Fundmoral hazardmortgagemortgage-backed securitiesnew entrantsnew productsnonbank financial institutionsoil pricesoperational risksownership interestpensionpension fundpension fundspensionsPolitical Stabilitypotential investorsprivate debtprivate sector developmentprivatizationproductivityprudential regulationPublic Accountabilitypublic enterprisespublic financespublic policypublic servicespublic spendingpurchasing powerregulatory authoritiesregulatory frameworkregulatory oversightremittancesretirementreturnrule of lawsavingssavings accountsSecuritiessecurities marketself-regulationshareholdersStock Exchangestock exchangesstock marketstock market capitalizationstock marketssubsidiariessubsidiarysupervisory frameworkswapssystemic risktaxtax administrationtaxationtechnical assistancetradingtransactiontransparencytreasuriestreatyWorld Bank10.1596/978-0-8213-8108-3