Centre for Financial Reporting Reform

Centre for Financial Reporting Reform

The Centre for Financial Reporting Reform (CFRR) is an office of the World Bank located in Vienna, Austria. It is primarily responsible for the World Bank’s corporate sector financial reporting activities in the region of Europe and Central Asia (abbreviated as ECA).

The Centre has taken up operation in 2007. The formal "seat agreement" was signed on 21 July 2010 between the World Bank and the Government of Austria.[1] The head of the CFRR is John Hegarty with partners such as Austrian Development Cooperation, the Swiss State Secretariat for Economic Affairs and the Federal Ministry of Finance of the Republic of Austria among others.

Objectives

The CFRR focusses on providing knowledge services and capacity development assistance, including analytical and advisory services, learning and skill development, know-how and knowledge transfer, and technical assistance and institutional strengthening.

The main fields of expertise lie in audit, accounting, financial reporting and the implementation of international standards in these areas.

Programs

The Centre has three large ongoing programs.

The Road to Europe: Program of Accounting Reform and Institutional Strengthening (REPARIS)

A regional program for creating a transparent policy environment and effective institutional framework for corporate reporting in South Central and South East Europe. The participating countries are Albania, Bosnia and Herzegovina, Croatia, Kosovo, Republic of Macedonia, Moldova, Montenegro, and Serbia.

Financial Reporting Technical Assistance Program (FRTAP)

This program for the new EU member states supports countries in the field of financial reporting. Its main objectives are the implementation of sustainable regulatory and institutional frameworks and in furthering the correct implementation of the acquis communautaire in the area of financial reporting. The FRTAP is funded by the Swiss State Secretariat for Economic Affairs under the Swiss Enlargement Contribution to the European Union.

Accounting and Auditing Reports on the Observance of Standards and Codes (A&A ROSC)

As part of this initiative financial management specialists at the CFRR analyse the established accounting and auditing practices in an economy and assess their compatibility with international financial reporting and accounting standards such as the IFRS. The resulting report is accompanied by a catalogue of recommendations that assist member countries in implementing international accounting and auditing standards to strengthen the financial reporting regime.

References

  1. ^ World Bank Press Release, 21 July 2010 http://go.worldbank.org/8EDR6GJ4A0

External links

  • Centre for Financial Reporting Reform - Information about the CFRR on the World Bank website
  • World Bank - The World Bank website on the ECA region
  • World Bank Group and Government of Austria sign Agreement for Offices in Vienna - Report on the seat agreement signed on July 21, 2010