Accounting System In Suriname

RESEARCH METHODS ASSIGNMENT

GROUP 2

SRFHR 1013008

SRFHR 10130…

SRFHR 10130…

SRFHR 10130…

Table of Contents

1. Introduction 3

2. Theoretical Background 4

2.1. Literature Review 4

2.2. Conceptual Model 4

3. Research Design 5

3.1 Research Strategy 5

3.2 Research Design and Methods 5

4. Findings 5

5. Conclusion, Discussion and Recommendation 5

5.1 Conclusion and Discussions 5

5.2 Recommendations 5

References 5

Appendices 5

Appendix A: Questionnaire 5

Appendix B: Interview Results 5

Appendix C: Analysis of Interview Results 5

1. Introduction

To develop a competitive and efficient public and private sector and facilitate economic growth, Suriname financial reporting system must be reasonably

• To develop auditing and accounting standards in Suriname, courses in accountancy institutions of higher learning should focus on teaching IFRS and ISA.

• There is no legal requirement for audit of small and medium-size enterprises (SMEs). As a result, there is no demand for preparation of financial statements and audit of these organizations. The financial institutions also do not demand audit reports while processing loan applications and traditionally depend more on the quality of the collateral and personal reputation of their clients.

• The legal and regulatory requirements of Suriname are outdated and cannot meet current requirements for fostering private sector-led growth of the economy.

• The Income Tax Law does not reflect the actual information needs of the tax authority, such as submission of financial reports for business entities.

• weak and not good developed securitie market (Stock Exchange of Suriname)

• Some of the parastatals follow Netherlands GAAP for accounting and financial reporting except State Oil Company, which follows US

• Clarify the statutory framework in order to improve corporate accounting, auditing, and financial reporting practices.

• Ensure availability of audited financial statements of public interest entities in the public domain, through company websites, filings with the Chamber of Commerce, and the provision of copies to citizens on demand.

• Build capacities for professional accountants, auditors, and regulators.

• Strengthen the institutional capacity of SUVA and the higher education institutions involved with corporate accounting and auditing practices.

• Regulate the securities market. The Government should devise a mechanism for regulating the securities market to protect the interest of the stakeholders. Until such a mechanism is instituted, the current Stock Exchange of Suriname could assume this responsibility.

Benefits of implementing the Auditing and Accounting Standards in Suriname o they encourage transparency and easy comparison in transactions crossing borders and