金融部门评估规划（Financial Sector Assessment）手册：Chapter 10 Assessing Information and Governance Infrastructure.pdf_P11-P15

251 Chapter 10: Assessing Information and Governance Infrastructure 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 Box 10.4 IAS 32: Financial Instruments, Disclosure, and Presentation IAS 32 is closely related to IAS 39 and attempts to enhance financial statement users’ understanding of the significance of financial instruments to an entity’s position, performance, and cash flows. The fundamental principle of IAS 32 holds that a financial instrument should be classified from the perspective of issuer as (a) a set of financial assets, (b) a financial liability, or (c) an equity instrument according to the substance of the contract, not the legal form. The enterprise must make the decision at the time that the instrument is initially recognized. Some financial instruments—compound instruments—have both a liability and an equity component from the issuer’s perspective. In that case, IAS 32 requires that the component parts be accounted for and presented separately according to their substance and on the basis of the definitions of liability and equity. The split is made at issuance and is not revised for subsequent changes in market interest rates, share prices, or other events that change the likelihood that the conversion option will be exercised. Disclosure rules apply to all financial instruments, including risk management and hedges. For each class of financial asset, liability, and equity instrument, the following must be disclosed: • Information about the extent and nature of the entity’s use of financial instruments, including significant terms and conditions that may affect the amount, timing, and certainty of future cash flows • The accounting policies and methods adopted, including the criteria for recognition and the basis of measurement applied • The business purposes served by the instruments, the risks associated with them, and the management policies for controlling those risks • Interest rate and credit risk exposures Box 10.5 IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions The goal of IAS 30 is to provide users with information required to evaluate the financial position and performance of banks and to enable them to better understand the special characteristics of banking operations. The standards require a bank to present a balance sheet that groups assets and liabilities by nature and lists them in an order that reflects their relative liquidity, as well as prescribes specific assets and liabilities to be disclosed. On the income statement, the following specific items should be reported: • Interest income and expenses • Dividend income • Fee and commission income • Net gains and losses from securities dealings • Net gains and losses from investment securities • Net gains and losses from foreign currency dealings • Other operating income and expenses ( including general administrative expenses) • Loan losses The following disclosures are included: • Specific contingencies and commitments (including items not on the balance sheet) • Specific disclosures for the maturity of assets and liabilities on the basis of the remaining period from the balance-sheet date to the contractual maturity date • Concentration of assets, liabilities, and items not on the balance sheet (by geographical area, customer or industry groups, or other aspects of risk) • Losses on loans and advances • Fair value of each class of financial assets and financial liabilities • Amounts set aside for general banking risks • Secured liabilities as well as nature and amount of assets pledged as securities

252 Financial Sector Assessment: A Handbook 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 Box 10.6 IAS 1: Presentation of Financial Statements IAS 1 reflects the broad guidelines set forth in the Framework for the Preparation and Presentation of Financial Statements and is designed to prescribe the basis for presentation of general purpose financial statements and to ensure compatibility both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out the overall framework and responsibilities for the presentation of financial statements, guidelines for their structure, and minimum requirements for the content of the financial statements. Its main objective is to provide information about an entity’s assets; liabilities; equity; income and expenses, including gains and losses; other changes in equity; and cash flows. It should also provide data about key components under each of those items. The standard requires that statements “present fairly” the financial position, performance, and cash flows of an equity. It requires the faithful presentation of effects of transactions and other events, as well as conditions of assets, liabilities, income, and expenses. An entity must normally present a classified balance sheet, separating current and noncurrent assets and liabilities. A list of minimum items on the balance sheet is provided. Other issues that the standard covers include going concern, accrual, consistency, materiality, offsetting, reporting period, income statement, statement of changes in equity, notes, and disclosures about dividends. standards for SMEs. One issue that it encountered in the process, however, was how to accurately “define” SMEs. In June 2004, it published a discussion paper on the proposal to develop separate standards and to set up an advisory panel to monitor the discussion. Going forward, IASB is expected to publish a draft of the SME versions of all existing standards. Another important issue that arises in many countries with significant presence of Institutions Offering Islamic Financial Services (IIFS) is that the accounting standards designed for conventional types of business are not applicable to these institutions. A number of IASs and IFRSs are not suitable for Islamic financial institutions, and moreover financial statements of IIFS contain items for which there are no applicable IAS/IFRS.To address this problem, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) was established in 1990, as a self regulatory body of IIFS (including also some government and regulatory bodies in the governance structure) to set accounting standards that complement IAS/IFRS and at the same time recognize the specific contractual features of Islamic finance. AAOIFI has issued a number of important accounting and auditing standards for Islamic finance instruments and institutions, as well as some governance and ethics standards relating to Sharia compliance; several countries and IIFS have begun to adopt or draw these standards. For a compilation of these standards see AAOIFI (2004). With growing financial innovations in the Islamic finance industry, and the increased focus on appropriate risk measurement and disclosure in Islamic finance, the financial reporting and governance standards are continuing to evolve, and gaining increasing acceptance among countries and IIFS. 10.2.3 ROSCs and Role of the Bank and the Fund As part of the FSAP–ROSC initiative,11 the World Bank has developed a program to assist member countries in strengthening their financial reporting regimes through the

253 Chapter 10: Assessing Information and Governance Infrastructure 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 implementation of IFRS and ISA. The program’s objectives are twofold: (a) an assessment and (b) the development of a country plan. Its assessment activities cover the following: • Determine the comparability of national accounting and auditing standards with IFRS and ISA, respectively. • Determine the extent of compliance with established accounting and auditing standards, rules, and regulations, as well as the effectiveness of enforcement mechanisms. • Identify strengths and weaknesses of the institutional framework in supporting high-quality financial reporting. The basic premises on which a ROSC accounting and auditing (A&A) diagnostic exercise is carried out are as follows: • IFRS and ISA are endorsed by the Bank, the Fund, and other international institutions as the primary benchmarks for corporate financial reporting standards. IFRS and ISA should be mandated for all “public interest entities,” which are defined by the nature of their business, their size, their number of employees, or their corporate status with a wide range of stakeholders. Examples of public interest entities may include banks and financial institutions, insurance companies, investment funds, pension funds, listed companies, and other economically significant business entities. • SMEs should be subject to a simplified financial reporting regime given their lesser degree of responsibility with respect to the public. This simplified regime for SMEs typically includes less-stringent accounting and reporting requirements. • If one considers the distinctive responsibility of independent auditors with respect to a wide array of stakeholders, independent auditors should be subject to adequate public oversight. Box 10.7 International Convergence Process In September 2002, the U.S. Financial Accounting Standards Board (FASB) and the IASB agreed to reduce existing differences between U.S. Generally Accepted Accounting Principles (GAAP) and IFRS. This “convergence” process is a two-stage approach involving a short-term project and a more difficult long-term one. The short-term project, which is designed to eliminate minor differences by January 2005, has largely been completed; the combination of work programs is under way to eliminate more substantive differences as soon as feasible but it is likely to take several years. In January 2005, EU-listed companies began to apply IFRS, a move that will bring impetus both to the international convergence process and toward achieving a common financial market in Europe. As with any major change, the move poses many challenges. Switching to international standards will also require companies to invest in new systems and will require governments to adopt their tax policies. On the positive side, it can expand the pool of investors, lower the cost of capital, improve the efficiency of capital allocation, and reduce the expenditure needed to consolidate the accounts of subsidiaries. Switching to global standards will also allow any given company or investor to understand the financial statements of companies outside its jurisdiction. Multinational companies will no longer have to reconcile multiple financial statements

Financial Sector Assessment a Handbook .Access to the auditing profession should be limited to individuals who hav demonstrated acade that complies with IFAC International Educational Standards for Professional Accountants. The assessment of A&A standards is designed (a)to focus on complying with national standards and on fostering a country-led program to make national standards comparable with interational standards within a feasible time frame and (b)to develop as ufficien infra tructure to effectively adopt IFRS and ISA.The foc tries for improving their institutional capacity to support implementation of high-quality A&A standards is consistent with the Bank's operational activities. The assessment process places emphasis on country involvement and on efforts to design a country-led program.The program attempts to improve A&A performance,to involve all key stakeholders,and to be linked ss i P related critical areas such as ncial sectorr cailed A&A RO stand-alone basis or.occasionally,as part of the FSAP When detailed are done on are not available,the focus of financial sector assessments is directed to a comparison of national standards with IAS 30,32,39;the legal and institutional framework for A&A; the quality of A&A of financial institutions;and a review of disclosure practices applying to financial institutions(see section 10.5). 10 10.2.4 Focus of A&A Assessments financial reporting by public interest entities their business,size,and number of employees o because their corporate status is such that they have a wide range of stakeholders.Public interest entities include credit institutions,insurance companies,investment firms,pen. sion funds,and listed companies.The assessments cover the following four areas: Institutional Framework-The ROSC A&A focuses on the current state of the nal fr ork and,a s policy recomm ndat strengthening it. A&A practices.The framework assessment includes (a)the laws and regulations (quality of the design of the framework),(b)the history and current state of the A&A profession,(c)the strengths and weaknesses of accounting education and training,(d)the A&A standard-setting proc cess,and (e)the arrangements for ensuring e with A&A requirer ents (e ent me Comparability of National and Intemational Standard One key benefit of confo mity of any country's A&A standards to IFRS and ISA is the promotion of sound financial reporting that facilitates cross-border usage.Generally,the standards and regulations of different countries have reached various levels of conformity.The methodology for this examination,which helps to identify gaps,is based on IFRS and ISA .Compliance with National Standards-Enforcement of the standards is a key underpinning of a sound financial reporting environment.Efficient and effective 254

254 Financial Sector Assessment: A Handbook 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 • Access to the auditing profession should be limited to individuals who have demonstrated academic and professional abilities through a certification process that complies with IFAC International Educational Standards for Professional Accountants. The assessment of A&A standards is designed (a) to focus on complying with national standards and on fostering a country-led program to make national standards comparable with international standards within a feasible time frame and (b) to develop a sufficient infrastructure to effectively adopt IFRS and ISA. The focus on assisting member countries for improving their institutional capacity to support implementation of high-quality A&A standards is consistent with the Bank’s operational activities. The assessment process places emphasis on country involvement and on efforts to design a country-led program. The program attempts to improve A&A performance, to involve all key stakeholders, and to be linked to progress in related critical areas such as corporate governance and financial sector reform. Detailed A&A ROSCs are done on a stand-alone basis or, occasionally, as part of the FSAP. When detailed A&A assessments are not available, the focus of financial sector assessments is directed to a comparison of national standards with IAS 30, 32, 39; the legal and institutional framework for A&A; the quality of A&A of financial institutions; and a review of disclosure practices applying to financial institutions (see section 10.5). 10.2.4 Focus of A&A Assessments Assessments of A&A standards address financial reporting by public interest entities, which are defined as such because of their business, size, and number of employees or because their corporate status is such that they have a wide range of stakeholders. Public interest entities include credit institutions, insurance companies, investment firms, pension funds, and listed companies. The assessments cover the following four areas: • Institutional Framework—The ROSC A&A focuses on the current state of the institutional framework and, accordingly, provides policy recommendations for strengthening it. The goal is to enable the framework to promote high-quality A&A practices. The framework assessment includes (a) the laws and regulations12 (quality of the design of the framework), (b) the history and current state of the A&A profession, (c) the strengths and weaknesses of accounting education and training, (d) the A&A standard-setting process, and (e) the arrangements for ensuring compliance with A&A requirements (enforcement mechanisms). • Comparability of National and International Standards—One key benefit of conformity of any country’s A&A standards to IFRS and ISA is the promotion of sound financial reporting that facilitates cross-border usage. Generally, the standards and regulations of different countries have reached various levels of conformity. The methodology for this examination, which helps to identify gaps, is based on IFRS and ISA. • Compliance with National Standards—Enforcement of the standards is a key underpinning of a sound financial reporting environment. Efficient and effective

Chapter 10:Assessing Information and Govemance enforcement isalso important because corporate stakeholders depend on access to high-quality financial information. 。Action Plan -To strengthen the corporate financial reporting regime,the ROSC's A&A module identifies areas for improvement.Those findings serve as the basis for working with policy makers and other stakeholders to develop an action plan to improve a&a practices. 10.2.5 ROSC A&A Methodology The World Bank has developed a diagnostic tool to gather and analyze pertinent infor fouparing A&A ROSCs.This toosenvironment,(b)national accs question naires under ing te omponents standards in relation to IASs,(c)actual accounting practices in relation to national stan dards,and (d)auditing standards and practices.The process adopts a highly participatory approach,with strong involvement of policy makers and other country stakeholders,and culminates in the creation of a country action plan.The information gathered from the diagnostic tool is supplemented with a due diligence exercise to capture primary experi ences of practitioners and other facts on professional accounting and auditing practices in the cou The details of the ass cess,the dia estionnaires and the ROSC preparation procedure are fi discussed in Annex 10.B. 10 10.2.6 Assessment Experience By the end of December 2004,38 A&A ROSCs had been completed,28 of which have been published,and this process has contributed to progress in implementation.A regional breakdown shows that 15 were completed in the Central and Eastern Europe region,7 in the Middle East,7 in Latin America and the Caribbean,5 in Africa,2 in East Asia,and 2 in South Asia.The majority(29)of the assessments were conducted in middle-income countries whereas only 7 were done in low-income countries and 2 in high-income countries.It is anticipated that the A&A asses nts will be conducted in an incre The pr vided a body of cxperience that has informed the work of standard-setting bodies and that has facilitates reforms in several countries The experience gained in implementing the A&A ROSC program thus far suggests a few key issues and lessons to consider in moving forward: .Adoption of IFRS and ISA as applicable standards is crucial in all countries,par- ticularly when business entities contribute materially to the economy,the public interest,or both.However,if efficient and effective monitoring and enforcement mechanism which create -the tion of the standards is not sufficient.Th situ tion is most often the cas esale adoption of th standards without simultaneously developing the necessary legal and institutiona infrastructure and without improving professional skills in auditing and accounting may be an inappropriate solution. 255

255 Chapter 10: Assessing Information and Governance Infrastructure 1 I H G F E D C B A 12 11 10 9 8 7 6 5 4 3 2 enforcement is also important because corporate stakeholders depend on access to high-quality financial information. • Action Plan—To strengthen the corporate financial reporting regime, the ROSC’s A&A module identifies areas for improvement. Those findings serve as the basis for working with policy makers and other stakeholders to develop an action plan to improve A&A practices. 10.2.5 ROSC A&A Methodology The World Bank has developed a diagnostic tool to gather and analyze pertinent information for preparing A&A ROSCs. This tool consists of a set of questionnaires under each of the following four components: (a) A&A environment, (b) national accounting standards in relation to IASs, (c) actual accounting practices in relation to national standards, and (d) auditing standards and practices. The process adopts a highly participatory approach, with strong involvement of policy makers and other country stakeholders, and culminates in the creation of a country action plan. The information gathered from the diagnostic tool is supplemented with a due diligence exercise to capture primary experiences of practitioners and other facts on professional accounting and auditing practices in the country. The details of the assessment process, the diagnostic tools and questionnaires, and the ROSC preparation procedure are further discussed in Annex 10.B. 10.2.6 Assessment Experience By the end of December 2004, 38 A&A ROSCs had been completed, 28 of which have been published, and this process has contributed to progress in implementation. A regional breakdown shows that 15 were completed in the Central and Eastern Europe region, 7 in the Middle East, 7 in Latin America and the Caribbean, 5 in Africa, 2 in East Asia, and 2 in South Asia. The majority (29) of the assessments were conducted in middle-income countries whereas only 7 were done in low-income countries and 2 in high-income countries. It is anticipated that the A&A assessments will be conducted in an increasing number of low-income countries. The program has provided a body of experience that has informed the work of standard-setting bodies and that has facilitated reforms in several countries. The experience gained in implementing the A&A ROSC program thus far suggests a few key issues and lessons to consider in moving forward: • Adoption of IFRS and ISA as applicable standards is crucial in all countries, particularly when business entities contribute materially to the economy, the public interest, or both. However, if efficient and effective monitoring and enforcement mechanisms are lacking—which creates an environment of noncompliance—then adoption of the standards is not sufficient. This situation is most often the case in developing countries and emerging markets. Similarly, wholesale adoption of the standards without simultaneously developing the necessary legal and institutional infrastructure and without improving professional skills in auditing and accounting may be an inappropriate solution