From Diagnostic to Reform Centre for Financial Reporting Reform Pascal Frerejacque Zagreb, April 22, 2008

The Centre for Financial Reporting Where and what is it? »An Office of the World Bank’s Europe and Central Asia (ECA) Region, located in Vienna, supported by the Government of Austria »A Knowledge Hub, responsible for all of ECA’s corporate sector financial reporting activities, » Also provides support to similar activities in other Regions

The Centre for Financial Reporting Why? »To be closer and understand better Partner Countries reality »To better interact with Partner Countries and provide them timely answers »To help Partner Countries in responding to increasingly more technical challenges in the field of Corporate Financial Reporting »To keep closer relations with European regulatory and professional partners, especially the EU institutions, and other development partners

»The CFRR will have 20 staff will bring together a mix of skills and experience: Financial reporting regulation and practice; In-depth knowledge of the acquis communautaire; Project management, monitoring and evaluation, Knowledge management and distance learning; conference and seminar management, etc. The Centre for Financial Reporting How?

The CFRR will oversee the following activities: A & A ROSC Diagnostics including part 1 countries (UK A&A ROSC) Assistance with the country action planning and (IDF, FIRST, TF) REPARIS for South East Europe Swiss Program for the enhancing of the institutional capacity for the corporate financial reporting in New EU Member States (SECO) Other activities in Central Asia The Centre for Financial Reporting Which activities?

»Country Strategy and Action Plan (CAP) »Support funding the CAP, by mobilizing financial support from Bank (IDF grant for US ) and probably other development partners (IPA) »Help in the CAP implementation by identifying best practices and proposing new approaches Country Action Plan A&A ROSC—Next steps

Road to Europe: Program of Accounting Reform and Institutional Strengthening The REPARIS—Program »GDLN Program in Accounting and Audit Regulation for South East Europe (28 modules, 14 locations, 8 languages) »Vienna Workshop on Accounting and Audit Regulation (March 14 and 15, 2006)

On March 14, 15 and 16, 2006, the World Bank, in collaboration with the European Commission and support from the Austrian Development Cooperation, held a two-day series of workshops and a ministerial conference at the Hofburg Palace in Vienna. 65 speakers 335 participants Training workshops Sharing experience of EU Member States REPARIS—Vienna Workshop