Financial Reporting and Audit Enhancement Project


The Kyrgyz Audit and Reporting Enhancement Project (Karep) seeks to improve access to reliable and transparent financial information of both the public and the private sector, thereby improving transparency and the investment climate for both sectors. This is achieved with the implementation of international standards for financial reporting and audit. Karep is implemented by the Centre for Financial Reporting Reform that is part of the World Bank Group.

Land/Region Periode Budget
Kirgisistan
01.04.2016 - 30.06.2020
CHF 3'135'000
Hintergrund Intransparent and low quality financial information coupled with poor governance and unprofitable operations still limit Kyrgyz’ private and public sector’s access to finance and deter further investments. While International Financial Reporting Standards (IFRS) as well as International Standards on Auditing (ISA) were adopted in 2002, Kyrgyzstan did not yet establish a clear framework for these standards, such as translation, publication and adoption of changes in IFRS/ISA. Local knowledge and expertise need to be build up to establish such a framework on the implementation of IFRS and ISA.
Ziele The overall goal is for Kyrgyz businesses (both private and state owned enterprises) to benefit from an improved investment climate and better access to capital through increased availability of reliable financial information as well as increased transparency of the public and the private sectors.
Mittelfristige Wirkungen Improved legal framework for financial reporting and audit.Institutional capacity of regulators and profession enhanced and financial reporting capacity and public accountability improved.Improved accounting curricula and literacy.
Resultate

Erwartete Resultate:   Statutory framework, standards, and rules governing corporate financial reporting are fully aligned with international best practices, namely IFRS (for SMEs) and ISA.Preparers, auditors, regulators and others, for both SOEs and the private sector, are given the tools to apply IFRS and ISA.The accounting and auditing curricula for university and professional education programs is assessed and enhanced, didactic materials for university sector developed and implemented.


Verantwortliche Direktion/Bundesamt SECO
Kreditbereich Ostzusammenarbeit
Projektpartner Vertragspartner
  • Weltbank - Internationale Bank für Wiederaufbau und Entwicklung


Budget Laufende Phase Schweizer Beitrag CHF   3'135'000 Bereits ausgegebenes Schweizer Budget CHF   0 Budget inklusive Projektpartner CHF   6'600'000
Projektphasen Phase 10 01.04.2016 - 30.06.2020   (Laufende Phase)