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Swiss-Polish Cooperation Program Financial Reporting Technical Assistance Project David Cairns and John Hegarty World Bank Centre for Financial Reporting Reform Warsaw, 11 December 2009. Presentation Outline. The World Bank’s Centre for Financial Reporting Reform

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Presentation Outline

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  1. Swiss-Polish Cooperation ProgramFinancial Reporting Technical Assistance ProjectDavid Cairns and John HegartyWorld Bank Centre for Financial Reporting Reform Warsaw, 11 December 2009

  2. Presentation Outline The World Bank’s Centre for Financial Reporting Reform The regional program for new EU Member States The project for Poland

  3. Centre for Financial Reporting Reform World Bank’s Europe and Central Asia (ECA) Region Responsible for all of ECA’s corporate sector financial reporting activities Supports similar activities in other regions Mix of skills and experience: financial reporting regulation and practice in-depth knowledge of the acquis communautaire knowledge management and distance learning drawing on a network of skills

  4. Regional program for new Member States High quality financial reporting an essential underpinning for cohesion and competitiveness in the Single Market Extensive legal and regulatory reform already undertaken as part of the EU accession process, to comply with the relevant acquis Further strengthening of institutional and human capacity required for effective implementation and enforcement The acquis is a moving target, tight deadlines Financing gap

  5. Regional program for new Member States Implementation agreements with Member States which draw on Swiss Enlargement Contribution funding Activities at both national and regional level Complement interventions at Member State level with joint activities to develop common responses to common challenges, exploit synergies Reinforce, not replace Member State involvement in EU-level discussions and activities Facilitate speedy replication of good practices developed elsewhere Flexible programmatic approach General framework Annual work programs

  6. Key features of the program Member State ownership and leadership Comprehensive multi-year program, rather than fragmented individual projects Beyond compliance to cohesion, competitiveness Robust results framework, monitoring, evaluation Integration of policy development, program design and implementation, financing, and accountability to the Member States A program for partnership, not projects Program management from WB Office Vienna

  7. European Commissioner McCreevy • We very much welcome the contribution of the • World Bank to promote the use of international • standards on auditing in the Member States that • joined the European Union after 2004. The work • of the World Bank greatly contributes to the • effective implementation and enforcement of the • EU acquis, in particular with respect to public • oversight and external quality assurance • systems.

  8. The simple logic “No transparency, no trust; no trust, no credit; no credit, no investment; no investment, no growth! So there is a simple logic: financial reporting is an essential building block for financial intermediation, foreign investment, and sustainable economic development.”

  9. Financial reporting A fundamental foundation Insolvency & Creditor Rights Corporate Governance Insurance Supervision Banking Supervision Securities Regulation Accounting & Auditing

  10. Importance of high quality financial reporting ECONOMIC GROWTH Development of Capital Markets Improved Access to Credit Job Creation Accounting and Auditing Private Sector Growth Financial Sector Development Financial Information Financial Stability

  11. The project for Poland Implementing: a public oversight system for statutory auditors a quality assurance system for statutory auditors Introducing clarified International Standards on Auditing (ISA) Building capacity for International Financial Reporting Standards (IFRS) Resolving the relationship between financial reporting and tax accounting Continuing education for professional accountants English language training

  12. … it’s not just about IFRSs and ISAs … Monitoring & Enforcement Accounting Standards Statutory & Governance Framework Education & Training Auditing Standards Accounting Profession & Ethics

  13. … but about strengthening all the pillars … Monitoring & Enforcement Accounting Standards Statutory & Governance Framework Education & Training Auditing Standards Accounting Profession & Ethics

  14. … a broad vision of financial reporting … High quality financial statements that meet the needs of: current and potential investors other providers of finance tax authorities other regulatory and supervisory authorities those responsible for national statistics and macro-economic data

  15. … built on a single foundation … Financial reports for prudential regulation Financial reports to lending banks Financial reports to capital markets Financial reports as the basis for national statistics Financial reports for taxation purposes • Accounting

  16. … and linking the needs of different users Investors and creditors in capital markets Financial statements Lending banks Tax authorities National statisticians Prudential regulators Public interest

  17. Delivering the project for Poland • Regional communities of practice • sharing experiences • learning from experts from the European Commission and around Europe (and elsewhere) • exploring common needs • shared research on shared issues • identifying potential synergies • seeking common solutions

  18. Delivering the project for Poland • High quality and practical in-country training based on national needs assessments • clarified ISAs • IFRS • IFRS for SMEs • IFRS for regulators • Development by international experts • Delivery by international and national experts in local languages

  19. Delivering the project for Poland • Practical and high quality tools • IT systems and methodologies for public oversight • manuals and methodologies for quality assurance • audit software based on clarified ISAs • an e-learning platform for continuing education

  20. www.worldbank.org/cfrr

  21. Thematic work programs Implementing a public oversight system for statutory auditors

  22. Thematic work programs Implementing a quality assurance system for statutory auditors

  23. Thematic work programs Adoption and implementation of ISA

  24. Thematic work programs Enhancing the relationship between financial and tax accounting

  25. Thematic work programs Institutional capacity building regarding financial reporting

  26. Thematic work programs Continuing education for accounting professionals

  27. Thematic work programs Specialized English language and communications training

  28. Thematic work programs Regulatory framework

  29. Thematic work programs Monitoring and evaluation

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