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Slovenia Report on the Observance of Standards and CodesThis assessment of accounting and
 auditing practices in Slovenia is part of a joint initiative
 of the World Bank and International Monetary Fund (IMF) to
 prepare Reports on the Observance of Standards and Codes
 (ROSC). The assessment focuses on the strengths and
 weaknesses of the accounting and auditing environment that
 influence the quality of corporate financial reporting and
 includes a review of both mandatory requirements and actual
 practice. This is the second A&A ROSC for Slovenia and
 based on information collected in 2013, early 2014. The
 first one was published in 2004. As the requirements of the
 EU acquis communautaire and international standards have
 already been adopted in the financial sector this assessment
 focuses on the proper application of these requirements,
 with the view that improved financial information raises the
 capacity of regulators to maintain financial stability, and
 improve the level of trust in the financial system, in the
 context of an ongoing recapitalization exercise. In the
 State Owned Enterprises, or SOEs, the report focuses on the
 requirements applicable to them and how well these are
 enforced, as well as to what extent the government uses the
 financial reporting and audit process to monitor SOEs and
 hold their management teams accountable. This report also
 considers SMEs financial reporting, including how current
 requirements compare with the latest revisions to the EU
 Accounting Directive, which further simplified requirements
 for smaller companies. Finally, audit oversight and quality
 assurance systems are assessed, including the feasibility of
 incorporating the audit oversight body as part of the
 financial sector supervisor.
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Croatia - Report on the Observance of Standards and Codes : Accounting and AuditingThis report provides an updated
 assessment of accounting, financial reporting, and auditing
 requirements and practices within the enterprise and
 financial sectors in Croatia. It 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). Croatia has made considerable progress in
 developing its regulatory framework for corporate sector
 financial reporting and auditing since the publication of
 the first Accounting and Auditing (A&A) report on the
 observance of standards and codes (ROSC) in 2002. The
 alignment of the revised regulatory framework with the
 acquis communautaire has been significantly improved and
 lays the basis for reinforcing the institutional capacity
 for financial reporting and auditing. However, not all
 requirements of the relevant acquis have been introduced and
 further work is needed to achieve full compliance. The
 Croatian institutional framework has undergone several
 important changes. However, further capacity building
 relating to monitoring, enforcing, and strengthening
 supervision (except for banks) is needed to ensure proper
 application of IFRS and national accounting standards. This
 report concludes that Croatia should take further steps in
 order to achieve its goal of developing a robust financial
 reporting framework tailored to the needs of the Croatian
 market economy, and aligned with the acquis communautaire,
 international standards and best practices.
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Brazil : Report on the Observance of Standards and Codes--Accounting and AuditingThis Report on the Observance of
 Standards and Codes: Accounting and Auditing (ROSC A&A)
 has been prepared under the Financial Sector Assessment
 Program in Brazil. The report assesses the status of
 implementation of 2005 ROSC A&A policy recommendations,
 highlights recent improvements in Brazil's corporate
 financial reporting framework, and sheds light on emerging
 issues regarding the institutional underpinnings of
 accounting and auditing practices that require further
 upgrading in line with international good practices. In
 addition to maintaining appropriate macroeconomic policies,
 there is an extensive agenda to implement wide ranging
 structural reforms to promote growth, increase productivity,
 and raise living standards. Brazil's low domestic
 savings and limited domestic long-term financing markets
 remain a major impediment to the investment in
 infrastructure that is required to sustain high economic
 growth. Given the increased role played by the financial
 system, especially as more families and businesses have
 access to banking credit and capital markets, it will also
 be necessary to further develop and strengthen Brazil's
 financial markets and institutions, to help to ensure
 macroeconomic stability and sustainable growth. In this
 context, one of the strategic objectives of the ROSC A&A
 is to help consolidate the institutional framework for
 accounting and auditing in Brazil in order to support
 improvements in business conditions in general, and
 facilitate access to more abundant and cheaper domestic and
 foreign financial resources.