Regulators

The Financial Stability Board coordinates the work of international regulators to support integrating sustainability policies at the request of the G20, including though climate and environment monitoring, under four key policy areas: firm-level disclosures, data, vulnerabilities analysis, and regulatory and supervisory practices and tools.

The world is seeing growing challenges that are affecting the real – and the financial economy, including banking and insurance companies. In the last two years, countries in Europe and Central Asia (ECA) are seeing the gains of ten years of reform and investment for inclusive growth and shared property drastically diminished by the Covid-19 pandemic, adverse climate events, and the war in Ukraine; these events have been disrupting supply chains and led more recently to rapid changes in prices of energy, food, and commodities, leading to inflation and rising interest rates.

Five-day workshop was delivered by the CFRR on May 16-20, 2022, in Yerevan, Armenia on the IFRS 17 “Insurance Contracts” Implementation for Armenian Regulators and Insurance Industry. The event was organized in cooperation with the Central Bank of Armenia (CBA).

Supervisory staff of the National Bank of the Kyrgyz Republic (NBKR) are better equipped with the knowledge and tools on International Financial Reporting Standards (IFRS) requirements. A four-day training program focused on IFRSs specifically used in banking sector was delivered with KAREP support between February 01 and 08, 2022.

A two-day virtual forum for banking and insurance regulators was delivered by the CFRR on December 13 and 14, 2021 under two flagship regional programs: Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium Enterprises (REPARIS for SMEs). Representatives of regulators from Kazakhstan and the Kyrgyz Republic also joined the event.

Three webinars were held between 8 June and 10 June 2021 under STAREP regional program and these were attended by about 40 participants each day.

The overall aim of the experience exchange webinars was to learn from Slovenian experience related to the establishment of an independent public oversight function, entry requirements and registration of auditors and audit firms; monitoring of continuing professional development; quality assurance inspections and enforcement procedures, as well as cooperation with foreign audit regulators.

The CFRR organized a virtual workshop “IFRS for Regulators: COVID-19 Impacts & Responses” under STAREP program using the Webex platform on Tuesday 30 June 2020, at 14:00.  The event was attended by around 70 participants.

This workshop aimed to inform regulators about recent financial reporting and regulatory guidance, with a particular emphasis on those aspects of accounting and reporting that are currently most relevant to the financial statements of listed companies, especially banks.

The conference on October 2nd featured speakers from the World Bank, the Professional Accountancy Organization Development Committee of the International Federation of Accountants (IFAC), as well as representatives from Professional Accountancy Organizations (PAOs) in Poland, the Kyrgyz Republic, and Georgia. The discussions focused on changes in Accounting Law, how to achieve smooth transition by learning good international practices and overcoming challenges, as well as the implications to the accounting profession.