The CFRR managed the following programs, which have now been completed:
The CFRR managed the following programs, which have now been completed:
The Accounting and Auditing Reforms in Public Oversight and Quality Assurance project developed a series of reports through June 2019 under the Financial Sector Reform and Strengthening (FIRST) Initiative, by a team from the World Bank Centre for Financial Reporting Reform (CFRR). The reports’ aim is to help operationalize the accounting and auditing mandate for Public Oversight, and Quality Assurance, in Kosovo.
In June 2013, the World Bank, at the request of the Government of Montenegro, extended financial assistance in the form of a grant from the International Development Fund (IDF) to build capacity for effective audit oversight in Montenegro. The purpose of the program was to assist the Government of Montenegro to establish a system for public oversight and quality assurance for the statutory audit function in Montenegro, and build the capacity of the accounting and audit profession to train and maintain the competence of professionals to implement international standards of accounting, auditing and ethics. The project was successfully completed in August 2016.
The Corporate and Public Sector Accountability Project (CAPSAP) was an important component of the World Bank Group's Country Partnership Strategy (CPS) for Azerbaijan. CAPSAP focused on improving the capacity, transparency, and accountability of state institutions and public interest entities in order to promote better public and corporate financial management and improved governance. CAPSAP supported the implementation of the Accounting Law enacted in November 2004, which mandates transition to International Financial Reporting Standards (IFRS) for Public Interest Entities (PIEs - those commercial entities where the government of Azerbaijan deems there to be a public interest in their operations), the domestic National Accounting Standards for Commercial Organizations (NASCO) for other commercial entities (non-Public Interest Entities), and International Public Sector Accounting Standards (IPSAS) for budget organizations.
The Albania Corporate Financial Reporting Enhancement Project (CFREP) was set up to create a transparent policy environment and effective institutional framework for corporate financial reporting in line with best international practices, aligned with the EU acquis communautaire with a view to Albania’s aspiring to EU accession. The project was active from 2010 to 2013.
The Diagnostic assesses the corporate governance of state-owned enterprises (SOEs) in Azerbaijan with a view to supporting the government’s efforts to bolster economic development. Mutually reinforcing recommendations are closely linked and aim to increase accountability across the whole ownership structure of SOEs, from their ultimate owners, the citizens, to their employees.
The Enhancing Financial Reporting and Auditing in the Banking Sector in Uzbekistan was a technical assistance project aimed to create an adequate policy environment and to improve institutional capacity for corporate financial reporting in the banking sector in line with accepted international practice and based on the policy recommendations outlined in the Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing Program. The project ran from 2012 to 2014.
The EQFinRep in Albania seeked to improve the capacity of relevant national institutions to teach, support, regulate, enforce and disseminate high-quality corporate financial reporting in Albania in line with the relevant parts of the EU acquis communautaire and good international practice. The project focused on strengthening human and institutional capacity of universities, accountancy and audit professional organizations, tax and supervisory authorities, and the commercial register. The project begun in 2015 and finished in December 2019.
As candidates, or potential candidates, for EU enlargement the countries of Southeast Europe, including Albania, Bosnia and Herzegovina, Kosovo, Former Yugoslav Republic of Macedonia, Montenegro and Serbia, are integrating more closely with the EU and the EU's internal market, and aligning their legislative frameworks with the EU acquis communautaire.
The Financial Reporting Technical Assistance Program (FRTAP) for the new EU member states supported countries in the field of financial reporting. It aimed to assist in the implementation of sustainable regulatory and institutional frameworks and in furthering the correct implementation of the EU acquis communautaire in the area of financial reporting. Funds for this program were provided from the Swiss State Secretariat for Economic Affairs under the so-called Swiss Enlargement Contribution.
The Internal Audit Training of Trainers (IA ToT) program aims to develop the capacity of the public sector internal auditors to deliver high-quality internal audit training within their countries and institutions, based on the International Standards for the Professional Practice of Internal Auditing (ISPPIA) and international good practices in public sector internal auditing. It includes the following countries: Albania, Bosnia and Herzegovina, North Macedonia, Kosovo, Montenegro, Serbia and Turkey. The target participant group are auditors in the public sector who already have skills in internal auditing and also professionals extensively involved in training delivery in their respective countries and institutions. The approach and format of the IA ToT program is designed to be highly interactive.
As part of the World Bank's Joint Economic Research Program (JERP) for Kazakhstan, the Centre for Financial Reporting Reform (CFRR) managed a technical assistance project to investigate the potential for using the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board (IASB) to improve the financial reporting framework for small and medium-sized enterprises in Kazakhstan. The project ran from 2010 to 2012.
The Project to Enhance Corporate Financial Reporting in the Kyrgyz Republic was a technical assistance project with the objective to help the country authorities and stakeholders to initiate reforms in the area of corporate financial reporting on the basis of the recommendations of the November 2008 Accounting and Auditing Report on Observance of Standards and Codes (A&A ROSC). The Project was active from November 2010 to March 2012.
The Road to Europe: Program of Accounting Reform and Institutional Strengthening (REPARIS) was a regional program aimed at creating a transparent policy environment and effective institutional framework for corporate reporting within South Central and South East Europe, implemented by the CFRR from 2008 to 2014. Participating countries/entities included Albania, Bosnia and Herzegovina, Croatia, Kosovo, Former Yugoslav Republic of Macedonia, Moldova, Montenegro, and Serbia. REPARIS began the process of introducing, implementing, and effectively enforcing the relevant portions of the EU acquis communautaire with a view to contributing to foreign direct and portfolio investment, fostering private and financial sector developments, improving the business environment and investment climate, and facilitating potential integration into (or harmonization with) the European Union.
As a result of the analysis and recommendations of the Accounting and Auditing Report on the Observance of Standards and Codes (A&A ROSC) in Moldova, which was published in June 2004, the Government of Moldova adopted a Country Strategy and Action Plan to strengthen corporate financial reporting in December 2008. As part of their work to implement this plan, the Moldovan authorities wished to learn from the experience of other countries, particularly the new EU member states, in setting up and operating a system of financial reporting which complies with EU directives and standards. The Moldovan authorities approached the World Bank for assistance and the Bank’s Centre for Financial Reporting Reform (CFRR) set up a program using the facility of the South-South Experience Trust Fund (SEETF) for policy-makers and practitioners in Moldova to benefit from the lesson learned in several countries which had recently joined the EU or had fulfilled the EU’s requirements in accounting and auditing as part of negotiations to join the EU.
The South-South Curricula Improvement Exchange Program focused on accounting and auditing curricula improvement through exchange of experience with EU member countries. Updating accounting and auditing education, professional development and public awareness is a national priority for the Moldovan Government in their “Accounting and Auditing Development Plan in the Corporate Sector for 2009-2014” (CAP). The CAP is a complex activity that seeks to strengthen the corporate financial reporting framework and requires significant commitment from different stakeholders, including Government agencies, regulators, academia and accounting and auditing profession.
The Diagnostics undertaken as part of the Support to the Reform of State-Owned Enterprises project offered support to the Government of Moldova to implement diagnostics to identify key state-owned enterprise (SOE) sector reforms issues, problems, challenges and opportunities in Moldova. The analysis focused on the issues identified by the OECD Guidelines on Corporate Governance as important to ensure that SOEs operate efficiently, transparently and in accountable manner.
The Advanced Program in Accounting and Auditing Regulation was part of a broader effort to develop and promote private and financial sector development in 2006. It is recognized that the development of these sectors is an important precondition for job creation and poverty reduction. The program set the foundation for developing two succeeding programs, REPARIS and EU-REPARIS, to support EU enlargement candidate, and potential candidate, countries in Southeast Europe align their legislative framework more closely with the EU.