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.
Promotion of Private Sector
Regulation of Financial Sector
Financial sector, corporate sector
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.
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.
Expected results are:
Achieved results by the end of 2013 are:
Additional Information and Documents
Key data of the project
Amount of the Swiss grant:
Total budget of the project:
Date of grant approval:
Responsibility for project implementation:
Project number: UX-00600.01