Accrual accounting reporting, which means recording the economic substance of transactions when they occur regardless of the occurrence of their respective cash settlement, is fundamental to good decision making, transparency and accountability.
On May 19, as part of the Kyrgyz Audit and Reporting Enhancement Project (KAREP), the World Bank held an exchange experience webinar in cooperation with the National Business Center (NBC) of Albania.
A new initiative aiming to increase transparency, accountability, and improve management of public resources through the enhancement of public sector accounting and financial reporting frameworks was launched in Vienna on December 11, 2017. The Public Sector Accounting and Reporting Program (“PULSAR”) delivers on a growing demand for a programmatic approach to strengthening public sector accounting through diagnostic assessments and capacity building targeted at public sector accountants, government institutions and a variety of other stakeholders.
The Public Sector Accounting and Reporting program (“PULSAR”) is a new initiative to increase transparency, accountability, and better management of public resources in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Croatia, Georgia, Kosovo, FYR Macedonia, Moldova, Montenegro, Serbia, and Ukraine through the enhancement of public sector accounting (“PSA”) and financial reporting frameworks. PULSAR is financed by the Governments of Austria and Switzerland and is implemented by the World Bank.
The PULSAR program is an initiative to increase transparency, accountability, and better management of public resources through the enhancement of public sector accounting (PSA) and financial reporting frameworks. PULSAR is financed by the Governments of Austria and Switzerland and is implemented by the World Bank. Participating countries include Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Croatia, Georgia, Kosovo, FYR Macedonia, Moldova, Montenegro, Serbia, and Ukraine.
The main objective of the virtual workshop was to discuss and provide information to the participants on different elements that are required for designing an effective and successful training program. Some of the topics discussed during the workshop were: (i) what are the most effective education and training methods; (ii) what is the best way to develop delivery method and instructional design; (iii) how to ensure that the knowledge, skills and abilities are transferred; (iv) importance of implementing continuous professional education program.
The overall aim of the series is to increase the audit profession's capacity to deliver high-quality training and continuing professional development (CPD) programs based on the Standards of the International Auditing and Assurance Standards Board® (IAASB®). In particular, the workshop series focuses on the needs and challenges of Small and Medium-sized Practices (SMPs) to implement International Standards. The series is conducted with the support of the International Federation of Accountants® (IFAC®).
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.
