Financial Reporting Technical Assistance Program

Project completed

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 Slovenia as well as in the Czech Republic, Estonia, Latvia, Poland) 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.

Country/region Topic Period Budget
Slovenia
Promoting economic growth and improving working conditions
Regulation of the financial sector
01.09.2008 - 31.12.2014
CHF 1'500'000

Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.

Background 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.
Objectives
  • 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 
Target groups Financial sector, corporate sector
Activities The World Bank’s Center for Financial Reporting Reform will provide technical assistance and training to a number of Slovenian 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 Slovenian private sector enterprises.
Results

Achieved results:  

  • Strengthened institutional capacity in financial reporting policy-making, legislation, standard-setting as well as the implementation thereof.
  • Some 232 public administration and private sector employees are
    versed in international financial reporting and auditing standards thanks to their participation in 20 seminars and study trips.
  • A business English course for 22 policy makers and regulators, the translation of the international financial reporting standards (IFRS) into Slovenian and various IFRS training courses and workshops have facilitated the application of IFRS in Slovenia.


Directorate/federal office responsible SECO
Credit area Swiss Contribution to the enlarged EU
Project partners Contract partner
  • World Bank - International Bank for Reconstruction and Development


Other partners
Center for Financial Reporting Reform (CFRR)
Budget Current phase Swiss budget CHF   1'500'000 Swiss disbursement to date CHF   1'185'586
Project phases

Phase 1 01.09.2008 - 31.12.2014   (Completed)