The main objective of CReCER is to create greater awareness of the importance of sound financial reporting and auditing for the development of a well functioning market economy and of an efficient public sector, which in turn are the cornerstone for equitable and sustainable economic development, and to promote the adoption of international standards for corporate financial reporting and auditing. CReCER is relevant to the work and interests of policymakers, senior civil servants, financial sector regulators, standard-setters, academics, accountants and auditors, private sector stakeholders, and regional and international organizations, including the donor community. The Spanish Fund for Latin America and the Caribbean (SFLAC) has funded the creation of the CReCER Community of Practice (CoP) that brings these achievements together.

The importance of moving toward high-quality, global standards of accounting and auditing has never been clearer. In the midst of the global financial and economic crisis, the leaders of the Group of 20 met and issued their Declaration on Strengthening the Financial System , placing significant emphasis on sound accounting and auditing standards as a critical piece of the international financial architecture. Transparent and reliable corporate financial reporting underpins much of the Latin America and Caribbean development agenda, from private-sector-led growth to enhanced financial stability, facilitating access to finance for small and medium enterprises, and furthering economic integration. For nearly 10 years, the World Bank has prepared diagnostic Reports on the Observance of Standards and Codes (ROSCs) on Accounting and Auditing (A and A) at the country level. In Latin America and the Caribbean, ROSC A and A reports have been completed for 17 countries. This book takes a step back and seeks to distill lessons from a regional perspective. 'Accounting for Growth in Latin America and the Caribbean' is the first book to examine financial reporting and auditing in the region in a systematic way, drawing on the World Bank s years of experience and analysis in this area. The book is designed to inform the policy dialogue on accounting and auditing issues among government officials, the accounting profession, the private sector, academia, and civil society in LAC countries. It also seeks to disseminate the lessons learned to key players at the international and regional level, including the donor community, in order to generate momentum for reform of accounting and auditing throughout the region.

Accounting has often been described as the language of business. As the increasing competition of overseas markets begins to affect even the smallest local companies, many more business professionals must become fluent in accounting principles and practice. Standardization of Financial Reporting and Accounting in Latin American Countries highlights the recent move to International Financial Reporting Standards (IFRS) and addresses some of the concerns raised due to cultural differences and the level of enforcement of these standards in separate countries. Describing the evolution of both financial and managerial accounting due to the adoption of IFRS, this book is an essential reference source for both students and seasoned professionals in the fields of accounting, finance, and related management fields, especially those with an international emphasis.

Many countries in Latin America and the Caribbean now publish financial stability reports. This study reviews their latest issues to assess their content, quality, and transparency. While some reports provide a strong analysis of risks and vulnerabilities, there are significant cross-country differences, and many reports could be improved by adopting a more comprehensive, forward-looking, and thematic assessment of financial stability. A well thought out communication strategy, including a regular and predictable publication schedule and an easily accessible website, is also important to enhance the impact of the reports. Data gaps, particularly at the disaggregated level, are material and need to be urgently addressed.

Fiscal discipline and public sector efficiency became prominent issues in Latin America and the Caribbean in the late 1980's following external debt crises that troubled many countries in the region. Resolution of the debt crises necessitated a first wave of reforms that largely focused on upgrading legal and regulatory frameworks or improving information systems. Nearly twenty years later progress in matching OECD practices and performance in public financial management and procurement has been uneven and has been one of the factors that impeded higher growth and competitiveness in Latin America and the Caribbean. Countries such as Chile, Brazil and Costa Rica with relatively good performance, in this respect, have shown what other countries in the region can do and how they would benefit. Increased globalization, seemingly intractable issues of income inequality, the onset of the recent global financial crises and the emergence of an assertive middle class that demands better governance, are all reasons why Latin America and the Caribbean governments should closely examine incomplete financial management and procurement reform programs and embark on trajectories that will improve their performance and be better responsive to the needs of their citizens. This book sets out, based on more than a decade of World Bank diagnostics, key areas that remain to be addressed by governments in the Latin America and the Caribbean region to underpin sustainable arrangements that deliver efficient and effective services, which are accountable to citizens. Success will have the important additional benefit of serving to notify international financial markets of the integrity of their stewardship function.

During the 1980s and 1990s, financial sectors were the Achilles heel of economic development in Latin America and the Caribbean (LAC). Since then, these sectors have grown and deepened, becoming more integrated and competitive, with new actors, markets, and instruments springing up and financial inclusion broadening. To crown these achievements, the region s financial systems were left largely unscathed by the global financial crisis of 2008 09. Now that the successes of LAC s macrofinancial stability are widely recognized and tested, it is high time for an in-depth stocktaking of what remains to be done. Financial Development in Latin America and the Caribbean: The Road Ahead provides both a stocktaking and a forward-looking assessment of the region s financial development. Rather than going into detail about sector-specific issues, the report focuses on the main architectural issues, overall perspectives, and interconnections. The report s value added thus hinges on its holistic view of the development process, its broad coverage of the financial services industry beyond banking, its emphasis on benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis. Financial Development in Latin America and the Caribbean: The Road Ahead builds on and complements several overview studies on financial development in both LAC countries and the developing world that were published in the past decade. It will be of interest to policy makers and financial analysts interested in improving the financial sector in the LAC region.