Overview

The Strengthening Auditing and Reporting in Countries of the Eastern Partnership (STAREP) is a regional program aimed at creating a transparent policy environment and effective institutional framework for corporate reporting within the countries that make up the EU's Eastern Partnership: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.

The six countries have made significant progress in modernizing their systems of corporate financial reporting but face several outstanding common challenges, especially as regards institutional capacity. STAREP is designed to assist them in adopting and implementing international standards and fostering the alignment of their financial reporting frameworks with international best practices and EU standards.

Project features

• STAREP aims to help the participating countries both to improve their frameworks for corporate financial reporting and to raise the capacity of local institutions to implement these frameworks effectively. In particular, the program has a strong focus on providing participants with the tools to improve the ability of already qualified accountants and auditors to implement international standards such as the International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).
• STAREP is addressed to all those with an interest in the process of corporate financial reporting reform, including compilers and users of financial statements. This includes those more directly involved in designing and implementing reforms such as ministries of finance, the accounting profession, financial regulators, and teachers of accounting in universities. The program's activities are tailored to meet the varying needs of each of these groups.
• STAREP emphasizes peer learning, through approaches such as Communities of Practice. These help participants to learn from the experiences of other countries and so promote the effective implementation of reforms. In-country engagement is also critical to ensure that changes are implemented on the ground.
• STAREP builds on the lessons learned in the CFRR's REPARIS program for the EU candidate and potential candidate countries of South-East Europe, which has already proved successful in promoting regional cooperation and bringing national laws and regulations nearer to EU standards.

STAREP launched in mid-2013 and is expected to run until 2023. It is managed by the Centre for Financial Reporting Reform (CFRR), the World Bank's center for technical expertise in corporate financial reporting in the Europe and Central Asia (ECA) region. Initial funding for the program has been provided by the Austrian Development Agency (ADA) and the Austrian Ministry of Finance.