Through its Centre for Financial Reporting Reform (CFRR), the World Bank provided advisory services to strengthen the financial reporting infrastructure in Latvia with a view to enhancing sustained economic growth through enhanced functioning of the internal market and to mitigate the risk of a financial system crisis. The advisory services supported Latvia’s efforts to

  1. put in place sustainable regulatory and institutional frameworks in accordance with the European Union (EU) acquis communautaire in the financial reporting area,
  2. monitor and enforce the application of the acquis in practice, and
  3. provide necessary education and training to the relevant professionals.


The advisory services were delivered under the Financial Reporting Technical Assistance Project (FRTAP) from August 2009 to June 2015. The Ministry of Finance (MoF) was the Executing Agency for the entire project which included activities delivered by the CFRR and other activities delivered by other project partners. Funds were provided to Latvia under the Swiss-Latvian Cooperation Programme. In addition, CFRR delivered some supplementary activities for Latvia after the closing date as of June 30, 2015, funded from its own budget.

Project features

The objective of the project was to enhance the implementation of the EU acquis as it relates to financial reporting and auditing in Latvia. The CFRR provided services for the following components:

  1. enhancing institutional capacity to implement International Financial Reporting Standards (IFRS);
  2. enhancing institutional capacity to implement International Standards on Auditing;
  3. enhancing the relationship between tax and accounting in a Member State;
  4. Accounting and Auditing Report on Observance of Standards and Codes “A&A ROSC”.