CReCER - Sessions & Themes

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Sessions and Themes

A number of themes will be covered in the CReCER conference through a combination of
modules and tracks, including:

1. The Importance of Reliable Accounting and Accountability for Economic Development
2. The Impact of Globalization of Financial Reporting and Auditing - Convergence with International Standards
3. Accounting Standard-setting
4. Lessons Learned in Accounting and Financial Transparency Reform
5. Accounting in Small and Medium Enterprises (SMEs)
6. Public Sector Financial Reporting: Challenges and Opportunities
7. Accounting Education in LCR: Building the Foundations of Accountability
8. Audit Regulation and Public Oversight
9. The Role of Supreme Audit Institutions (SAIs)
10. The Relationship between Financial Reporting and Taxation
11. Accounting in State-Owned Enterprises (SOEs)

1. The Importance of Reliable Accounting and Accountability for Economic Development:

Sound accounting and auditing practices in both the public and corporate sectors are essential for sustainable and equitable development. In the public sector, sound financial management supports aggregate control, prioritization, accountability and efficiency in the management of public resources and delivery of services, among other important public policy objectives. In the corporate sector, reliable financial reporting and auditing practices promote an improved business climate, facilitates access to finance for local enterprises, furthers the integration of domestic enterprises in the world economy, and reduces the risk of crises in the financial sector. This session will explore the importance of sound financial management for the development agenda, and discuss the implications for the donor community. [top]

2. The Impact of Globalization of Financial Reporting and Auditing - Convergence with International Standards:

Currently, countries in the Latin America and Caribbean Region (LCR) are at different stages of conversion, adoption, and implementation of international standards (including ISA, IPSAS, and IFRS). World Bank diagnostics in the region, such as the Accounting and Auditing ROSC and the CFAA, have revealed several impediments to the successful implementation of international standards, which points to a need for greater focus by policymakers-both national and international-on creating the conditions and instruments for successful adoption implementation. This session will explore the current state of dissemination of international standards, the benefits of adoption, as well as the most significant challenges to the proper adoption and implementation of such standards in LCR. [top]

3. Accounting Standard-setting:

This session will discuss accounting standard-setting traditions and existing mechanisms in LCR, as well as recent developments in that field. In addition, the session will focus on specific country cases including Argentina, Brazil, Peru and an Englishspeaking Caribbean country. [top]

4. Lessons Learned in Accounting and Financial Transparency Reform:

The conference will take stock the main findings of the World Bank's Accounting and Auditing ROSC program and the Country Financial Accountability Assessments, as well as those of the MIF Accounting and Auditing Cluster. The focus of the discussion will be on the challenges, achievements and lessons learned from these initiatives. In addition, the conference will discuss recommendations for future technical cooperation projects and programs of broader scale. [top]

5. Accounting in Small and Medium Enterprises (SMEs):

It is well accepted that SMEs have different financial reporting needs due to their smaller size, resource constraints and limited range of external users. As a result, many argue that they should be subject simplified and reduced set of standards. This session will explore a number of topics relating to SME financial reporting in LCR, including (a) providing adequate definition for SMEs in the specific context of a given country, (b) the needs of users of SME financial statements, and (c) the IASB's exposure draft on IFRS for SMEs. [top]

6. Public Sector Financial Reporting: Challenges and Opportunities:

As countries are seeking to improve the rating of their sovereign debt in order to reduce the corresponding cost to their budget, improving government financial reporting has become an important objective as part of their strategy for economic development. This session will analyze the status if implementation of IPSAS in LCR countries and worldwide and what approaches government follow to adopt and apply IPSAS. Specific topics for discussion will include the harmonization of accounting and financial reporting processes across the national government and with other levels of government (States, Municipalities, SOEs, etc.). [top]

7. Accounting Education in LCR: Building the Foundations of Accountability:

The international accounting scenario is constantly evolving. As a result, academic institutions are challenged with keeping pace with demands to train well-prepared professionals. Furthermore, professional bodies must also ensure the provision of high-quality continuing professional education to their members, which involves a number of challenges. This session will focus on salient issues in academic and professional accounting education in LCR, at a regional and country level. It will also discuss possible steps to address education shortfalls, and explore opportunities for regional cooperation in education, including distance learning. [top]

8. Audit Regulation and Public Oversight:

The quality of application of accounting and auditing standards depends, to a large extent, on the effectiveness of regulatory bodies in monitoring and enforcement. Recent scandals have drawn attention to weaknesses in previous approaches to monitoring and enforcement, and have prompted a shift from self-regulation of auditing by the accountancy profession towards independent regulation within a statutory framework. This session will explore some of the recent trends in audit regulation and public oversight in LCR, as well as in certain industrialized countries. [top]

9. The Role of Supreme Audit Institutions (SAIs):

This session will seek to explore how SAIs can ensure that the public sector observes adequate standards of financial transparency and accountability by implementing innovative approaches such as including performance assessments and forensic audits. The session will also discuss which institutional arrangements can help SAIs strengthen their independence while exercising an appropriate influence on the public sector's financial management. [top]

10. The Relationship between Financial Reporting and Taxation:

In several LCR countries, the corporate income tax base is determined by making adjustments to the legal entity financial statements of a company. In such countries, a failure to assess the possible effects of the utilization of IFRS in annual accounts may have unintended consequences, including effects on tax income and hence a country's budget, tax disputes resulting from ambiguous rules, etc. This session will discuss the possible effects of the utilization of IFRS in a company's legal entity financial statements on corporate income tax reporting. [top]

11. Accounting in State-Owned Enterprises (SOEs):

In several LCR countries, SOEs are often among the most important assets of a country and its citizens. They can also be a source of significant financial exposure for the State. Consequently, the sound financial management of SOEs is essential to ensure their positive contribution to the economy and to promote proper stewardship of public resources. The CReCER conference will discuss how countries can put in place governance arrangements that ensure both an adequate level of operational autonomy and an appropriate level of accountability on the part of SOEs. In that regard, particular attention will be paid to the institutional and governance arrangements that are conducive to achieving the desired balance between operational autonomy and corporate accountability. [top]