Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.
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 Poland as well as in the Czech Republic, Estonia, Latvia, 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.
Promoting economic growth and improving working conditions
Regulation of the financial sector
- 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
- Increasing competences of Polish auditors and accountants, especially those working with SMEs, who actively participated in the trainings offered in the scope of the project;
- Creating the Polish Oversight System;
- Reducing some discrepancies between the legislation on financial and tax reporting;
- Improving works of the Polish Examination Committee;
- Adjusting the Polish legislative framework in line with the acquis communautaire but also in line with the recommendations issued in the numerous reports elaborated by the World Bank in the framework of the project.
- World Bank - International Bank for Reconstruction and Development
|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.|
|Target groups||Financial sector, corporate sector|
The World Bank’s Center for Financial Reporting Reform will provide technical assistance and training to a number of Polish 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 Polish private sector enterprises.
The comprehensive set up of the project contributed to the enhancement of capacities of the institutions involved in the creation of the legal and supervisory framework related to financial reporting in Poland. Furthermore, thanks to the involvement in the project of numerous entities active in the area of financial reporting, a communication platform among all those entities was developed. The project brought tangible results in terms of:
Finally, the project facilitated international cooperation of Polish actors, who became more active at international and European stage.
|Directorate/federal office responsible||
Swiss Contribution to the enlarged EU
Center for Financial Reporting Reform (CFRR)
|Budget||Current phase Swiss budget CHF 10'000'000 Swiss disbursement to date CHF 9'461'712|
Phase 1 02.09.2009 - 31.12.2016 (Completed)