Make it your homepage |   E-mail: Subscribe Unsubscribe

Oracle Marketing Cloud Solution Helps Manufacturers Improve Customer Experience and Drive Revenue


Friday, April 18, 2014
News Making Money

World Bank Helps Improve Financial Reporting in Eastern Europe

02/10/2013 06:40 (198 Day 11:28 minutes ago)

The FINANCIAL -- VIENNA, The World Bank launched a new program to strengthencorporate financial reporting in the countries of the EU’s Eastern Partnership.

ADVERTISEMENT

 

Senior officialsfrom several countries of eastern and south-east Europe, as well as representatives from the EU, other European countries and international bodies, gathered in Vienna in an inaugural conference to launch the initiative.


Countries participating in the new program Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) include Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine .

During the conference participants discussed how recent and prospective changes in international reporting standards and the international and European regulatory frameworks would affect their own plans for the reform of accounting and auditing.

In that regard, Mr. Charles McDonough, Vice President and Controller of the World Bank , emphasized the need to continue improving the corporate sector financial reporting standards as a key tool for investment decisions. In addition, he highlighted the growing importance of audit regulation and the emerging role of integrated reporting.

Mr. Henry Kerali, the World Bank ’s Regional Director for the South Caucasus, stressed the contribution that effective financial reporting has made to raising the quality of the business environment in all the countries of the region. Good accounting and auditing systems have also increased transparency and thereby helped to reduce corruption.

STAREP, which is initially funded by the Austrian Development Agency (ADA) and Austria’s Ministry of Finance, is designed to assist the participating countries to set up effective and sustainable frameworks for accounting and auditing that are in line with international standards and take account of the requirements of the EU’s system of law and regulations, the acquiscommunautaire.

Mr. GeorgiTabuashvili, the Deputy Minister of Finance of the Republic of Georgia welcomed the new program “STAREP is a great support to the corporate financial reporting reform agenda in Georgia. As a regional program involving six countries, it is a good platform to learn from each other’s achievements.”

Mr. HaraldWaiglein, Director-General in the Austrian Ministry of Financesaid “The recent financial crisis has revealed the importance of effective systems of corporate financial reporting. The Centre for Financial Reporting Reform has been at the forefront of promoting corporate transparency and good corporate governance in a region vital to Austrian economic interests. For this reason, we are looking forward to continuing a successful partnership with this integral part of the World Bank ’s Vienna Office and welcome the new STAREP program.”Mr. Anton Mair, Deputy Director General for Development Cooperation in the Austrian Ministry for European and International Affairs, emphasized the importance of the Black Sea Region for Austrian foreign policy. Pledging continued financial support to World Bank initiatives enhancing international financial reporting standards in the region, he stressed their importance for integrating the economies of the countries of the Eastern Partnership more closely with Europe.

In closing the conference, Ms. SamiaMsadek, the World Bank ’s Director, Operations Services and Quality, Europe and Central Asia,emphasized the importance of regional initiatives like STAREP in improving the business environment, especially for SMEs, in the countries of the Eastern Partnership and thanked both the Austrian Government and the representatives of the participating countries for their commitment to reform. “STAREP represents an exciting opportunity for the countries of the Eastern Partnership to work together in building financial reporting systems conducive to private sector development and shared prosperity”, Msadek concluded.

STAREP will be managed by the Centre for Financial Reporting Reform (CFRR), the World Bank ’s specialist center in Vienna for providing knowledge and advisory services in implementing reforms to financial reporting. The new program builds on the success of the CFRR’s program for the EU candidate countries of South-Eastern Europe – the Road to Europe Program of Accounting Reform and Institutional Strengthening (REPARIS).

The STAREP program places as much emphasis on building the institutions that are needed to operate the new legislative frameworks effectively as it does on the design and content of accounting and auditing legislation. Helping professional accounting and auditing bodies fulfill their roles in establishing professional entry standards and discipline and modernizing systems of professional education in the university sector and elsewhere form key parts of the new program. The program also puts a high priority on learning from the experiences of other countries that are facing or have faced similar challenges in implementing accounting and auditing reforms.

 

 

Make Your Comment

Add NewSearchRSS
Only registered users and facebook social network members can write comments!

This text is replaced by the Flash movie.
This text is replaced by the Flash movie.
Politics
Parliament issues strong call for EU lobby transparency register to become mandatory

16/04/2014 16:53 (2 Day 01:15 minutes ago)

The FINANCIAL -- The report approved by MEPs gives an important signal to the European Commission that a far more ambitious approach is needed to secure genuine lobby transparency in the EU, according to EUbusiness Ltd.

Read more...



TRAVEL BIZ »
PRESS RELEASES »
FINANCIAL »
UKRAINE »
GEORGIA »
WORLD »
BANKS »
BUSINESS »
TECH »
MARKETS »
B SCHOOLS »
SPECIAL REPORTS »

Markets
Private Sector Driving U.S. Wind Market Forward

18/04/2014 16:46 (01:22 minutes ago)

The FINANCIAL -- The onshore wind energy sector is booming in the United States, where there's enough of the renewable resource on hand to meet the annual demands for 15 million homes. It may take one of the biggest retailers in the world, however, to usher in the necessary change in energy consumption, according to The NASDAQ OMX Group, Inc., exchange company.

Jobs
Philippines: Further reforms to strengthen growth, create more and better jobs

11/04/2014 12:00 (7 Day 06:08 minutes ago)

The FINANCIAL -- The Philippines is likely to remain as one of the fastest growing economies in the East Asia and Pacific region in the next two years.

INSURANCE
M&A insurance grows as confidence increases

18/04/2014 16:18 (01:50 minutes ago)

The FINANCIAL -- As the green shoots of economic recovery have started to show in key markets like the UK and US, demand for mergers and acquisitions (M&A) insurance has been rising, according to Lloyd's, the world's specialist insurance market.

Read more...






Developed by Aleksandre Chiabrishvili

Design built by Creo Group