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Financial Reporting Technical Assistance Program

Despite major reforms by the New EU Member States to their legal and regulatory frameworks governing corporate sector accounting and auditing, there is a substantial unfinished institutional development agenda in the field of financial reporting. The Financial Reporting Technical Assistance Program provides support to five national administrations (in Latvia as well as in the Czech Republic, Estonia, Poland, Slovenia) which face capacity constraints and challenges in fully implementing – both in law and in practice – the very demanding obligations imposed by the rapidly-evolving acquis communautaire in this field.

Theme/Focus Area
Promotion of Private Sector
Regulation of Financial Sector
Target Group
Financial sector, corporate sector
Context
Preparing for their accession to the EU in 2004, the new EU Member States undertook major reforms to their legal and regulatory frameworks governing corporate sector financial reporting. However, less emphasis was placed on the creation and/or strengthening of the institutional and human capacity required to ensure effective implementation and enforcement of the acquis in practice, and it is now evident that there is a substantial unfinished institutional development agenda in the field of financial reporting.
Goals
  • Better decision-making and enhanced financial transparency and governance of the corporate sector
  • Strengthened financial sector stability, as financial institutions and institutional investors gain access to more relevant, complete and reliable financial information
  • Improved tax collections
Activities
The World Bank’s Center for Financial Reporting Reform will provide technical assistance and training to a number of Latvian key stakeholders. A strong focus will be put on audit public oversight and quality assurance in order to meet the requirements of the acquis communautaire and attain an enhanced quality and reliability of the auditing process and financial statements of Latvian private sector enterprises.
Results

Expected results are:

  • Conformity of the accounting and auditing system with the acquis communautaire
  • Strengthened institutional capacity in financial reporting policy-making, legislation, standard-setting as well as the implementation thereof.

Achieved results by the end of 2013 are:

  • Thanks to their participation in training (in total around 2,000 participant days), authorities and associations have acquired expertise in the area of international standards for financial reporting and auditing.
Key data of the project
Country:
Latvia Latvia
Amount of the Swiss grant:
CHF 1'533'827
Total budget of the project:
CHF 2'000'000
Date of grant approval:
24.02.2009
Status:
ongoing
Responsibility for project implementation:
  • Center for Financial Reporting Reform (CFRR)
Swiss contact:
Project number: UX-00600.01