In 2009, at the beginning of the CFRR’s REPARIS program, two Communities of Practice, Financial Reporting and Audit and Oversight (FRCoP and AOCoP) were established. As the program evolved from its early emphasis on knowledge transfer to put more weight on implementation, the focus for some issues previously addressed at the regional level shifted to implementation at the national level.
Reflecting this change, the FRCoP and AOCoP were combined in 2012 to form a new Corporate Financial Reporting Community of Practice (CFRCoP). The CFRCoP helps countries design a roadmap for the implementation of the acquis communautaire, working with policy makers and other stakeholders to get national policies, regulations and institutional arrangements right. Activities include keeping them up to date with developments in the acquis, international reporting standards, and global regulation.
The CFRCoP’s efforts in reform implementation are measured by the updating of concordance tables, showing the degree of alignment between the EU acquis and national financial reporting frameworks in the REPARIS countries. The activities of the CFRCoP complement those of the Accounting Education Community of Practice (EduCoP), whose focus includes capacity development issues in accounting and auditing.
In addition to the CFRCoP, the CFRR organizes Senior Officials’ Workshops for representatives of Ministries of Finance to exchange progress achieved toward the implementation of the acquis and be updated on issues relevant to their Corporate Financial Reporting Systems. Bi-annual Ministerial Conferences are also an occasion to provide knowledge of the 'evolving' acquis in accounting reform and share strategies for reform implementation.