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.
The Kyrgyz authorities are promoting amendments to the Accounting Law, aiming to introduce establishment of a Public Depository of Financial Statements in the Kyrgyz Republic, learned from the experience of Albania, where similar reforms have been carried out recently.
The event provided the audience a brief overview on differential corporate financial reporting requirements applicable in Albania, the role and key functions of accounting and auditing regulators, including the role of Public Depositary of financial statements. Participants learned about the background and legal requirements that allowed for the establishment of the Financial Statements Depository in Albania under the NBC, its key functions and embedded processes.
Direct interaction with experienced staff from NBC helped participants to learn in-depth about depositing financial statements through the online system, where financial information could be accessed by all interested parties.
As similar reforms are promoted in STAREP countries, representatives of Armenia, Azerbaijan, Belarus, Moldova, and Ukraine also attended the event, adding up to a total of 35 event participants.