The drive to improve frameworks for financial reporting is not unique to Europe. A World Bank study surveys the results of the efforts to improve the quality of financial reporting in Latin America and the Caribbean (LAC) and finds many similarities between Europe and Latin America in the main challenges facing effective reform.
The book, Accounting for Growth in Latin America and the Caribbean: Improving Corporate Financial Reporting to Support Regional Economic Development, identifies the broad trends in financial reporting reforms in the region’s 17 countries and distils the lessons learned.
The book finds that, although most of the countries in LAC now have what appear to be fairly complete statutory corporate financial reporting frameworks, this is not enough to produce a well-functioning system of financial reporting. In addition, efforts to improve capacity to implement the rules and to enforce compliance with them are also required.