CZ: Financial Reporting Project
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.
| Country/region | Topic | Period | Budget |
|---|---|---|---|
|
Czech Republic |
Promoting economic growth and improving working conditions
Regulation of the financial sector
|
01.01.2010
- 30.06.2015 |
CHF 2’000’001
|
- 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.
- 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.
- World Bank - International Bank for Reconstruction and Development
-
Project number UX00200
| 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 |
| Activities | 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. |
| Results |
Achieved results: |
| Directorate/federal office responsible |
SECO |
| Credit area |
Swiss Contribution to the enlarged EU |
| Project partners |
Contract partner Other partners Center for Financial Reporting Reform (CFRR) |
| Budget | Current phase Swiss budget CHF 2’000’001 Swiss disbursement to date CHF 2’000’000 |
| Project phases |
Phase 1 01.01.2010 - 30.06.2015 (Completed) |
