Corporate financial reporting reform

The Montenegro Accounting and Auditing Report on the Observance of Standards and Codes (A&A ROSC report), conducted by the World Bank team, was publicly disseminated on May 30, 2025, during the 10th International Symposium of Accountants and Auditors of Montenegro, held in Ulcinj.

The fourth national conference under the Road to Europe Program of Accounting Reform and Institutional Strengthening for Small and Medium Enterprises (REPARIS for SMEs) regional project was held on May 24, 2024, in Ulcinj, Montenegro. The conference was organized in cooperation with the Institute of Certified Accountants of Montenegro (ICAM) as part of ICAM’s 9th International Symposium of Accountants and Auditors of Montenegro.

The legal profession is evolving in an era characterized by increasingly complex financial transactions, regulatory requirements, and the intersection of law and finance. Lawyers, including judges and prosecutors, are increasingly required to navigate issues involving accounting, financial reporting, and taxation. In response to this changing landscape, it is imperative for legal professionals to have a solid understanding of accounting and financial reporting principles.

A joint Accounting and Auditing Community of Practice (A&A CoP) workshop took place in Vienna, Austria on December 01, 2022. The event was organized under two flagship programs of the World Bank Centre for Financial Reporting Reform (CFRR): Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium-sized Enterprises (REPARIS for SMEs).

A regional Conference “Strengthening Corporate Governance in Albania and Kosovo: Sustainability Reporting and Increased Role of the Audit Committees” was held in Tirana, Albania on November 10, 2022. The event focused on further implementation of corporate sustainability reporting measures that encompass social and environmental reporting. It also addressed the increased role of audit committees.

The aim of the closing conference held in Bishkek on 08 June 2022 was to share key achievements of the Kyrgyz Audit and Financial Reporting Enhancement Project (KAREP) and lessons learned identified as part of an independent evaluation as well as to discuss next phase of reforms in the field of accounting and auditing. The event was attended by about 35 participants, representing KAREP key beneficiaries and including policy makers, regulators, representatives of the academia and of the profession and it was organized in a hybrid mode, i.e., face to face and online.

Please join us at the Centre for Financial Reporting Reform in welcoming two new international staff members who join the Centre this summer.

Messrs. Garik Sergeyan, and Jose  Rezk, both Senior Financial Management Specialists, bring considerable experience in the areas of Public Sector Financial Management and Corporate Financial reporting.