On April 15, within the frames of the European Union-World Bank joint Financial Inclusion and Accountability Project, the World Bank held an online meeting on ‘Future of SMPs: Business Diversification Through Offering New Services’.
On December 16, a virtual seminar on the International Code of Ethics for Professional Accountants (IESBA Code) was organized by the EU funded twinning project Enhancing Accounting and Audit Quality in Georgia in cooperation with the Service for Accounting, Reporting and Audit Supervision (SARAS) and the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB).
The PULSAR program is a regional and country-level program targeting the Western Balkans and the EU Eastern Partnership countries to support the development of public sector accounting and financial reporting frameworks in line with international standards and good practice. It was established to scale up World Bank support for Public Financial Management reform and improve government accountability, transparency, and performance.
This event was held in collaboration with the ACCA and conducted as a continuation of a series of virtual events on PULSAR Education Community of Practice in the light of COVID-19 challenges that limits face-to-face workshops. The Webinar’s targeted audience included both the members of the PULSAR EduCoP, and participants of the PULSAR IPSAS Training of Trainer Courses (ToT) held earlier in Vienna, Sarajevo, Tirana, and Batumi. In addition, other interested stakeholders also attended the event e.g. from education institutions.
The private equity market in the Western Balkans is at a very early stage of development and there is currently limited investment opportunity. The main source of financial capital available for Small and Medium-sized Enterprises (SMEs) throughout the region currently is through banks; by obtaining lines of credit, bank loans and other forms of debt. Alternative sources of capital are either non-existent or in very low supply.
This virtual workshop allowed participants to gain insight into proposed revisions and standards issued by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standard Board (IESBA) and become updated with these developments directly from the Standard Setting Boards.
During the first week of May, the regional "Strengthening Auditing and Reporting in the Eastern Partnership" program hosted several knowledge and capacity events aimed at strengthening accounting and auditing profession in Georgia. Joining forces with the Service for Accounting, Reporting and Auditing Supervision (SARAS) and IFRS Foundation, the World Bank’s CFRR delivered two roundtables dedicated to the accounting education and professional development, as well as IFRS Workshop.
The conference on October 2nd featured speakers from the World Bank, the Professional Accountancy Organization Development Committee of the International Federation of Accountants (IFAC), as well as representatives from Professional Accountancy Organizations (PAOs) in Poland, the Kyrgyz Republic, and Georgia. The discussions focused on changes in Accounting Law, how to achieve smooth transition by learning good international practices and overcoming challenges, as well as the implications to the accounting profession.
A two-day workshop on November 28-29 convened participants from six “STAREP Program” countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine) for the tenth Education Community of Practice (EDUCOP) workshop. The second day of the workshop was held jointly with members of the PULSAR EDUCOP (Public Sector). In addition, participants from the Kyrgyz Republic and Serbia participated as guests at the event as part of the KAREP and STAR-CFR projects respectively.
