 Edited by Jose Antonio Lamez, Pietro Masci and Juan Jose Durante International Accounting Standards IDB 2004
International accounting standards: transparency, disclosure and valuation for Latin America and the Caribbean.
The experiences of the last decades in Latin American and Caribbean countries brought about important reforms in financial markets, encompassing changes in legal and regulatory framework, ownership patterns and in operating terms.
Regulatory frameworks also evolved toward scenarios where private sector participation prevails, with supervision, regulation and competition playing complementary roles.
However, despite these reform processes, financial and capital markets in the region are falling behind and do not facilitate access to financing to spur economic growth and enhance competitiveness in the economies of the region.
The Inter-American Development Bank (IDS) has actively promoted financial sector reforms in Latin America and the Caribbean, while also financing private sector projects.
The adoption of internationally recognized standards, or codes of good practices, helps improve economic policy and strengthen the international financial system.
Although they are not new, in the last years work on international standards and their development has accelerated in order to provide policymakers with benchmarks of good practice in key areas. Focus has been increasingly directed at improving transparency and consequently
at formulating internationally accepted standards for accounting and auditing.
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(05/01/2004)
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