- Understanding Poverty
- Financial Sector
ICR Reports on the Observance of Standards and Codes (ROSCs)
The financial crisis of the late 1990s gave rise to a series of measures to strengthen the international financial system, one of the most notable of which was the World Bank-International Monetary Fund (Fund) initiative on standards and codes. The international financial community considered that the implementation of internationally recognized standards and codes would provide a framework to strengthen domestic institutions, identify potential vulnerabilities, and improve transparency. The Insolvency and Creditor/Debtor Rights (ICR) Reports on the Observance of Standards and Codes (ICR ROSCs) are assessments of countries conducted in accordance with a methodology based on the World Bank Principles for Effective Insolvency and Creditors Rights and the Recommendations of the UNCITRAL Legislative Guide on Insolvency . The process of participation, and the production of the report are intended to help spur reform and foster strengthened economic institutions in member countries.
The Purpose of an ICR ROSC
The main purpose of an ICR ROSC is to analyze and identify the areas for improvement in the country’s insolvency and credit systems. The ICR ROSC is designed to assess and compare a country’s institutional practices against the internationally recognized standard and, if needed, provide recommendations for improvement in a prioritized methodology. It is not a 'grading' or 'rating' exercise, but rather the ICR ROSC methodology is based on a pluralistic approach, to assess whether the goals of an efficient insolvency system are met and how these goals are achieved.
Areas Covered by an ICR ROSC
The ICR ROSC covers the following areas:
- Creditor rights and enforcement systems.
- Credit risk management, debt recovery and informal enterprise work out practices.
- Formal insolvency system (liquidation and reorganization proceedings).
- Effectiveness of the relevant institutional and regulatory frameworks in implementing laws in this area.
ICR ROSC Methodology
ICR ROSC assessments are conducted on the basis of the ROSC Assessment Methodology 2011 (ICR ROSC Methodology) developed by the Bank and experts in collaboration with the International Monetary Fund (Fund), as well as United Nations Commission on International Trade Law (UNCITRAL) experts. The ICR ROSC Methodology is based on the ICR Standard , in accordance with the objectives and within the parameters of the joint Bank/Fund initiative on standards and codes.
ICR ROSC Participants
As part of its process, an ICR ROSC requires the input of external legal consultants and internationally recognized experts in the area of insolvency and creditor/debtor rights. Stakeholders from the private and public sector also provide input as members of a steering committee, set up by the requesting government.
- Insolvency & Debt Resolution
- Global Insolvency Law Database
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Report on the Observance of Standards and Codes (ROSC)
Malaysia has achieved good progress in developing efficient and well-regulated capital and in improving the quality and consistency of corporate financial reporting and corporate governance for public interest entities over the last 10 years. This report focuses on areas where the country authorities and in country stakeholders could implement actions to further strengthen the accountancy profession and increase compliance with international standards.
Report type
Other World Bank Group Reports
Corporate Governance & Accountability Mechanisms
East Asia and Pacific (EAP)
IMAGES
VIDEO
COMMENTS
Title: Eastern Caribbean Central Bank: Report on Observance of Standards and Codes: Data Module, Response by the Authorities, and Detailed Assessment Using the Data Quality Assessment Framework (DQAF) ... Title: Australia: Report on the Observance of Standards and Codes (ROSC)—Summary Assessments Date: November 15, 2012
The main purpose of an ICR ROSC is to analyze and identify the areas for improvement in the country's insolvency and credit systems. The ICR ROSC is designed to assess and compare a country's institutional practices against the internationally recognized standard and, if needed, provide recommendations for improvement in a prioritized ...
The Report on the Observance of Standards and Codes (ROSC) initiative was launched in 1999 as a prominent component of efforts to strengthen the international financial .
The review of accounting and auditing practices in Mexico is part of the World Bank and the International Monetary Fund (IMF) joint initiative on Reports on the Observance of Standards and Codes (ROSC). The review focused on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial ...
Abstract: The Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (A&A) program is a part of the joint World Bank-International Monetary Fund (IMF) initiative on assisting member countries to strengthen their financial system by improving their capacity to comply with important internationally recognized standards and codes.
REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Nigeria ACCOUNTING AND AUDITING June 17, 2004 Contents Preface Executive Summary I. Introduction II. Institutional Framework III. Accounting Standards as Designed and as Practiced IV. Auditing Standards as Designed and as Practiced V. Perception of the Quality of Financial Reporting VI.
Report on the Observance of Standards and Codes (ROSC) Malaysia has achieved good progress in developing efficient and well-regulated capital and in improving the quality and consistency of corporate financial reporting and corporate governance for public interest entities over the last 10 years. This report focuses on areas where the country ...
This report evaluates accounting and financial auditing standards and practices in Congo in the private and parapublic sectors, using as benchmarks the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA) and referring to best practices observed internationally in these two domains.
Reports on the Observance of Standards and Codes (ROSC). The goal of the ROSC initiative is to identify weaknesses that may contribute to a country's economic and financial vulnerability. Each Corporate Governance ROSC assessment benchmarks a country's legal and regulatory framework, practices and compliance of listed firms, and
2. This Report on the Observance of Standards and Codes (ROSC) summarizes the findings and recommendations of the assessment. An assessment of the effectiveness of banking supervision requires a review of the legal framework, and detailed examination of the policies and practices of the institutions responsible for banking regulation and ...
The World Bank is the assessor for the application of the OECD Principles of Corporate Governance. Its assessments are part of the World Bank and International Monetary Fund (IMF) program on Reports on the Observance of Standards and Codes (ROSC). The goal of the ROSC initiative is to identify weaknesses that may contribute to a country's ...
The policy recommendations in this report have been discussed in detail with the leading groups involved with reform in the Philippines, where corporate governance is seen to have potential for promoting competitiveness and broadening access to capital. 1.3 This Report on the Observance of Standards and Codes (ROSC) benchmarks Philippine
2 PREFACE. Reports on the Observance of Standards and Codes (ROSC) is a joint World Bank and International Monetary Fund (IMF) initiative that helps member countries strengthen their financial systems by improving compliance with internationally recognized standards and codes. The ROSC was developed in the wake of the financial crises of the ...
Observance of Standards and Codes (ROSC). The goal of the ROSC initiative is to identify weaknesses that may contribute to a country's economic and financial vulnerability. Each Corporate Governance ROSC assessment benchmarks a country's legal and regulatory framework, practices and compliance of listed firms,
The World Bank is the assessor for the application of the OECD Principles of Corporate Governance. Its assessments are part of the World Bank and International Monetary Fund (IMF) program on Reports on the Observance of Standards and Codes (ROSC). The goal of the ROSC initiative is to identify weaknesses that may contribute to a country's ...
8 VIETNAM ( REPORT ON THE OBSERVANCE OF STANDARDS AND CODES )ROSC- ( ACCOUNTING AND AUDITING MODULE The demand for corporate financial reporting is low, as the benefits are not fully appreciated. The reasons for this are: 1. At the entity level, corporate governance issues, particularly the Supervisory Board's failure
This Corporate Governance Assessment was completed as part of the joint World Bank-IMF program of Reports on the Observance of Standards and Codes (ROSC). It benchmarks the country's observance of corporate governance against the OECD Principles of Corporate Governance and is based on a template developed by the World Bank.
The review of accounting and auditing practices in Colombia is a part of the World Bank and the International Monetary Fund (IMF) joint initiative on Reports on the Observance of Standards and Codes (ROSC). The review focused on the strengths and weaknesses of the accounting and auditing environment that influences the quality of corporate ...
Cuttaree (consultant), as part of the Reports on Observance of Standards and Codes Program. The report is based in part on a template / questionnaire completed by BLC Partners. The findings of the ROSC are based on the Detailed Country Assessment (DCA), which is presented as a separate annex. The due diligence mission was carried out in January ...