CZ: Financial Reporting Project

Projet terminé

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 the Czech Republic as well as in Estonia, Latvia, Poland, 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.

Pays/région Thème Période Budget
Tchèque, Républic
Favoriser la croissance économique et améliorer les conditions de travail
Réglementation du secteur financier
01.01.2010 - 30.06.2015
CHF 2'000'001
Contexte 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.
Objectifs
  • 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.
Groupes cibles Financial sector, corporate sector
Activités The World Bank’s Center for Financial Reporting Reform will provide technical assistance and training to a number of Czech key stakeholders. A strong focus will be put on audit public oversight and quality assurance in order to meet the requirements of the acquis communautaire and attain an enhanced quality and reliability of the auditing process and financial statements of Czech private sector enterprises.
Résultats

Résultats obtenus:  

  • Conformity of the accounting and auditing system with the acquis communautaire.
  • Strengthened institutional capacity in financial reporting policy-making, legislation, standard-setting as well as the implementation thereof.
  • Strengthened institutional capacity in financial reporting policy-making, legislation, standard-setting as well as the implementation thereof.
  • Thanks to their participation in training (in total around 7,800 participant days) and thanks to five study visits, authorities and associations have acquired expertise in the area of international standards for financial reporting and auditing.
  • The exchange of experiences of the Federal Audit Oversight Authority with FINMA and Swiss Re facilitated the practical application of the gained knowledge.
  • ROSC report (Report on the Observance of Standards and Codes on Accounting and Auditing) disseminated.


Direction/office fédéral responsable SECO
Crédit Contribution suisse à l'UE élargie
Partenaire de projet Partenaire contractuel
  • Banque Mondiale - Banque internationale pour la reconstruction et le développement


Autres partenaires
Center for Financial Reporting Reform (CFRR)
Budget Phase en cours Budget de la Suisse CHF   2'000'001 Budget suisse déjà attribué CHF   2'000'000
Phases du projet

Phase 1 01.01.2010 - 30.06.2015   (Completed)