World Bank2012-06-152012-06-152006-10https://hdl.handle.net/10986/8145This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Tunisia. The analysis of practices is based among others on the review of a sample of 16 financial statements prepared in accordance with Tunisian accounting standards, including 6 listed enterprise sector companies, 3 listed credit institutions and 3 insurance undertakings (of which 2 are listed). The assessment uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. As Tunisia deepens its partnership with the EU and becomes more integrated in the world market, the country monitors the development of the acquis communautaire and enacts legislation that draws upon it. This report recommends changes to law and regulations to align the statutory framework with evolving internationally accepted practices. As the new regulations come into force, priorities will then turn toward building the monitoring, supervisory, and disciplinary regimes necessary to ensure effective compliance.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANCYACCOUNTANTACCOUNTANTSACCOUNTINGACCOUNTING DOCUMENTSACCOUNTING PERIODSACCOUNTING POLICIESACCOUNTING PRINCIPLESACCOUNTING RECORDSACCOUNTING STANDARDACCOUNTING STANDARDSACCOUNTING TREATMENTACCOUNTSAFFILIATED COMPANIESAFFILIATESASSESSMENT PROCEDURESASSET VALUEAUDIT COMMITTEEAUDIT REPORTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING STANDARDSAUDITORSAUDITSBAD DEBTBAD DEBT LOSSESBALANCE SHEETBALANCE SHEETSBANK ACCOUNTINGBANK ASSETSBANKING SECTORBANKING SUPERVISIONBENEFICIARIESBEST PRACTICESBONDBORROWERBORROWINGBOURSEBROKERBUDGETINGCALCULATIONCAPACITY BUILDINGCAPITAL FUNDSCAPITAL MARKETCAPITAL MARKETSCASH FLOWCENTRAL BANKCENTRAL BANK OF TUNISIACOLLATERALCOLLECTIVE INVESTMENTCOMMERCIAL BANKSCOMMERCIAL CODECOMPANY LAWCOMPLIANCE GAPCONFLICTS OF INTERESTSCONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATIONCONTRIBUTIONCORPORATE BORROWERSCORPORATE GOVERNANCECOST OF CAPITALCREDIBILITYCREDIT INSTITUTIONCREDIT INSTITUTIONSCREDITORSCUSTODYDEBTDEBT SECURITIESDEBT SERVICEDEBTORDEBTSDEPOSITORSDEPRECIATIONDEVELOPMENT BANKDISCLOSURE REQUIREMENTSDISCOUNTED CASH FLOWEARNINGSEARNINGS PER SHAREEDUCATION STANDARDEDUCATION STANDARDSEMPLOYMENTENFORCEABILITYEQUALIZATIONEQUITY SECURITYEQUITY STAKESEQUITY SWAPEXCHANGE RATESFACTORINGFAIR VALUEFINANCIAL ACCOUNTINGFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL PERFORMANCEFINANCIAL POSITIONFINANCIAL RATIOSFINANCIAL RELATIONSHIPSFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL RESTRUCTURINGFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL SECURITYFINANCIAL SITUATIONFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFIXED ASSETSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EQUITYFOREIGN EXCHANGEFOREIGN INVESTMENTFUTURE CASH FLOWSGENERAL PUBLICGOOD PRACTICESGROSS DOMESTIC PRODUCTHOLDINGSINCOMEINCOME TAXESINDIVIDUAL INVESTORSINFORMATION SYSTEMSINSTITUTIONAL CAPACITYINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE POLICYINSURANCE PREMIUMSINTEREST RATEINTERNAL CONTROLSINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL STANDARDSINVESTMENT FUNDINVESTMENT FUNDSJOB CREATIONJOINT STOCK COMPANIESJOINT STOCK COMPANYLARGE COMPANIESLARGE ENTERPRISESLAWSLEASE PAYMENTSLEGAL ADVICELEGAL TRADITIONLEGAL TRADITIONSLEGISLATIONLENDERSLENDING DECISIONLENDING DECISIONSLEVYLIABILITY ARRANGEMENTSLIABILITY SIDELIFE INSURANCELIFE INSURANCE POLICIESLIMITED LIABILITYLOANMARKET CAPITALIZATIONMARKET PARTICIPANTSMARKET REQUIREMENTSMARKET TRANSPARENCYMARKET VALUEMARKETINGMEDIUM ENTERPRISESMERCHANT BANKSMICRO ENTERPRISESMICRO-ENTERPRISESMONETARY FUNDNET ASSETOFFSHORE BANKSOUTSTANDING DEBTPARENT COMPANIESPARENT COMPANYPENALTIESPENSIONPENSION FUNDSPORTFOLIOPORTFOLIO INVESTMENTPRESENT VALUEPRIVATIZATIONPROCUREMENTPROFITABILITYPROTECTION OF INVESTORSPRUDENTIAL REQUIREMENTSPUBLIC ENTERPRISESPUBLIC OFFERINGPUBLIC SAVINGPUBLIC SAVINGSPURCHASINGQUALITY ASSURANCEREAL ESTATEREGULATORY FRAMEWORKREGULATORY STANDARDSRESERVERESERVESRETURNSSECURITIESSECURITIES MARKETSELF-REGULATIONSHARE CAPITALSHAREHOLDERSHAREHOLDERSSTAKEHOLDERSTAKEHOLDERSSTATUTORY AUDITORSSTOCK EXCHANGESTOCK MARKETSTOCKSSUBSIDIARIESSUPERVISORY BOARDTANGIBLE ASSETSTAXTAX RULESTAXABLE INCOMETAXATIONTOTAL COSTSTRANSPARENCYTURNOVERVALUATIONWORLD MARKETWorld Bank10.1596/8145