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 project was organized into two components:
Component 1 – Financial Reporting Legislation
- Perform detailed analysis of existing corporate financial reporting legislation, identify gaps and provide recommendations on improvement and a roadmap for alignment of the legislation with good international practices; the proposed roadmap will be used as input for the Country Strategy and Action Plan (CSAP);
- Assist in drafting some key laws, such as new accounting and auditing laws or propose changes to existing laws.
Component 2 – Country Strategy and Action Plan
- Assist the Service for Regulation and Supervision of Financial Markets (SRSFM) and the National Coordination Working Group (NCW) in considering options and making decisions on priority policy and institutional development measures, including defining the role and development of accountancy profession and activities, and regulatory and institutional frameworks, and their sequencing relative to the requirements for the alignment with the international best practices and recommendations of the Accounting and Auditing ROSC; Provide guidance and support the NCW in risk assessment;
- Assist SRSFM and NCW in defining cost estimates of the CSAP activities and preparing detailed cost tables;
- Advise SRSFM and NCW in managing preparation of the CSAP and assist in drafting the framework for CSAP implementation reporting and monitoring; and
- Facilitate creation of enabling environment for the reform through workshops organized to review and comment on drafts of the CSAP and discuss various policy options and rationale.