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
Promoting economic growth and improving working conditions
Regulation of the financial sector
01.02.2009 - 31.12.2015
CHF  1’800’000

Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.

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.
  • 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 
Target groups Financial sector, corporate sector

Achieved results:  

  • 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
  • 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.

Directorate/federal office responsible SECO
Credit area Swiss Contribution to the enlarged EU
Project partners Contract partner
  • World Bank - International Bank for Reconstruction and Development

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)