An Accounting and Taxation Conundrum
The introduction of new financial reporting standards in the European Union (EU) is having significant direct consequences for many of the preparers and users of financial information. These consequences are generally well documented and explored by many distinguished experts. However, less well documented are some of the indirect consequences of the implementation of new financial accounting standards in the EU. One such area is in the relationship between corporate financial accounting (‘financial accounting’) and corporate income tax accounting (‘tax accounting’).
Advancing Insurance Accounting and Sustainability Reporting in North Macedonia
A five-day workshop convened North Macedonian insurance sector stakeholders in support of ongoing efforts to modernize insurance accounting and embrace sustainability reporting. Attended by 55 participants, the five-day event organized by the World Bank Centre for Financial and Sustainability Reporting Reform (CFRR) focused on International Financial Reporting Standard (IFRS) 17: Insurance Contracts. It was designed to equip industry professionals with a comprehensive understanding of the standard’s requirements, in anticipation of the mandated first implementation in 2028.
Strengthening Financial Reporting in the Insurance Sector in Kosovo
A five-day training event aimed to strengthen financial reporting in the insurance sector took place in Pristina, Kosovo, June 9-13, 2025. It was organized by the Center for Financial and Sustainability Reporting Reform (CFRR) under its regional program, Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE), co-funded by the Austrian Ministry of Finance, the Swiss State Secretariat for Economic Affairs (SECO), and the Austrian Development Cooperation (ADA).
IFRS for Regulators – IFRS 17 Implementation Challenges
On June 26, 2024, the 3rd online workshop on IFRS 17 – Insurance Contracts implementation challenges, grouped 27 participants representing insurance regulators in the Western Balkans and the Caucasus to participate in a discussion with the World Bank Centre for Financial Reporting Reform. Two countries from the Caucasus, Georgia and Ukraine, experienced the implementation of IFRS 17 – in 2023. All Western Balkan countries under the program, have delayed the implementation of IFRS 17.
IFRS for SMEs workshop
Local community of practice from Azerbaijan benefited from a five-day workshop, delivered by the CFRR on May 23-27, 2022, in Baku on implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The event was organized in cooperation with the Ministry of Finance of Azerbaijan.
IFRS 17 Implementation for Armenian Regulators and Insurance Industry
Five-day workshop was delivered by the CFRR on May 16-20, 2022, in Yerevan, Armenia on the IFRS 17 “Insurance Contracts” Implementation for Armenian Regulators and Insurance Industry. The event was organized in cooperation with the Central Bank of Armenia (CBA).
KAREP continues to provide access to improved knowledge and tools for supervisory staff of the National Bank of the Kyrgyz Republic
Supervisory staff of the National Bank of the Kyrgyz Republic (NBKR) are better equipped with the knowledge and tools on International Financial Reporting Standards (IFRS) requirements. A four-day training program focused on IFRSs specifically used in banking sector was delivered with KAREP support between February 01 and 08, 2022.
Comprehensive review of the IFRS for SMEs: STAREP’s countries response
A virtual seminar was organized to support STAREP countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine) to better understand the objective and the structure of the recently announced comprehensive review and request of information by the International Accounting Standards Board (IASB) on IFRS for SMEs with a final aim to provide IASB a regional consolidated response to the request for information.