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REPARIS A regional approach to Accountancy development Erik van der Plaats

REPARIS A regional approach to Accountancy development Erik van der Plaats. Objective of presentation: To share experience about a World Bank regional initiative on enhancing corporate financial reporting in South East Europe. REPARIS conference 2006.

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REPARIS A regional approach to Accountancy development Erik van der Plaats

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  1. REPARIS A regional approach to Accountancy development Erik van der Plaats

  2. Objective of presentation: To share experience about a World Bank regional initiative on enhancing corporate financial reporting in South East Europe

  3. REPARIS conference 2006 • “No transparency, no trust; no trust, no credit; no credit, no investment; no investment, no growth! So there is a simple logic: financial reporting is an essential building block for financial intermediation, foreign investment, and sustainable economic development.” • Martin Gruell • Raiffeisen International

  4. Similarities CReCER - REPARIS • Objectives of CReCR and REPARIS are identical:a sound financial reporting function that serves the economy as a whole • Process is very similar:regional conference, GDLN • Starting point similar: A&A ROSCs performed, some action plans • Many common challenges:IFRS and ISA adoption, tax accounting, SME reporting prudential reporting, etc. • Main difference= EU focus

  5. Focus on South East Europe • Post-conflict reconstruction and regional economic (re) integration • Transition to market economy with larger private sector • Very small financial sector and high cost of capital • Large informal economy “closed” policy making • Objective of EU accession, even if not in short term • . • Introduction, implementation of relevant sections of the acquis communautaire and international standards

  6. REPARIS countries ROSC and action plans

  7. A&A ROSC in ECA region

  8. Common issues from A&A ROSC • Lack of conceptual thinking on purpose of financial reporting • Overshooting the required use of IFRS • Consolidated accounts not always dealt with properly • No continuous translation of IFRS and ISAs • In general weak enforcement • weak audit function • General lack of institutional capacity • Regulatory push as opposed to demand driven

  9. Overview REPARIS program • A&A ROSC DiagnosticsFunded by the World Bank with expert inputs frequently financed by bilateral donors • Country Action Plans Funded by the World Bank, FIRST Initiative, bilateral donors • Implementation at National Level Funded by bilateral donors, European Commission and own contribution • Support, Cooperation, and Coordination at Regional Level Secretariat provided by the Austrian Government; funding of operational costs: being sought

  10. REPARIS: Regional activities • Common solutions to common problems: economies of scale • Information exchange and Communities of practice • Cross-country benchmarking (peer pressure) • Assistance with Country Action Plans • Advanced Program in Accounting and Auditing Regulation

  11. REPARIS secretariat Vienna • Support for REPARIS Regional Program and for implementation of national level Country Action Plans • Staff for ECA A&A ROSC program (also part 1 countries) • Proposed Swiss Cohesion Fund Program for the new EU Member States • Support to South Caucasus, Central Asia + other regions • GDLN Center

  12. REPARIS governance • Multi-donor trust fund administered by the World Bank • World Bank entity: Program Secretariat in Vienna • Technical steering committee European Commission, EU Lamfalussy Committees, major donors • Official representatives of beneficiary countries • Private Sector Partnership Group (major private sector donors) – Market participant insights and influence • annual budgeting and work programming, regular accountability and progress reports/meetings

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