Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.
Financial Reporting Technical Assistance Project
Project completed
Despite major reforms by the new EU Member States to their legal
and regulatory frameworks governing corporate sector accounting
and auditing, there is a substantial unfinished institutional
development agenda in the field of financial reporting. The
Financial Reporting Technical Assistance Program provides support
to five national administrations (in Estonia as well as the Czech
Republic, Poland, Latvia, Slovenia) which face capacity
constraints and challenges in fully implementing – both in law
and in practice – the very demanding obligations imposed by the
rapidly-evolving acquis communautaire in this field.
| Country/region | Topic | Period | Budget |
|---|---|---|---|
|
Estonia |
Promoting economic growth and improving working conditions
Regulation of the financial sector
|
01.02.2009
- 31.12.2015 |
CHF 1'800'000
|
- Better decision-making and enhanced financial transparency and governance of the corporate sector.
- Strengthened financial sector stability, as financial institutions and institutional investors gain access to more relevant, complete and reliable financial information.
- Improved tax collections
- Authorities and associations have acquired knowledge in the field of international accounting and auditing standards thanks to their participation in training courses (total of 5,400
participant-days). - 310 auditors have passed their re-admission exams.
- International standards (IFRS, ISA and IIA) have been translated into Estonian and are being used by auditors.
- A new audit exam system has been introduced, 70 auditors received their qualification via the new exam system.
- 150 statutory auditors have passed tests to audit Public Interest Entities (PIEs) via the new exam system.
- 69 auditors received public sector internal audit licenses via the new exam system.
- Tartu University has developed a Master Degree programme in the field of accounting (major audit).
- 4 PhD Audit scholarships have been supported in context of the Financial Reporting project.
- Large scale international European Accounting Association conference was organized in Tallinn.
- Public oversight methodologies have been developed.
- Audit software for SMEs has been developed and is being used.
- World Bank - International Bank for Reconstruction and Development
-
Project number UX00700
| Background |
Preparing for their accession to the EU in 2004, the new EU Member States undertook major reforms to their legal and regulatory frameworks governing corporate sector financial reporting. However, less emphasis was placed on the creation and/or strengthening of the institutional and human capacity required to ensure effective implementation and enforcement of the acquis in practice, and it is now evident that there is a substantial unfinished institutional development agenda in the field of financial reporting. |
| Objectives |
|
| Target groups | Financial sector, corporate sector |
| Results |
Achieved results: |
| Directorate/federal office responsible |
SECO |
| Credit area |
Swiss Contribution to the enlarged EU |
| Project partners |
Contract partner Other partners Estonian Ministry of Finance |
| Budget | Current phase Swiss budget CHF 1'800'000 Swiss disbursement to date CHF 1'795'142 |
| Project phases |
Phase 1 01.02.2009 - 31.12.2015 (Completed) |
