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.

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.

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.

Principaux résultats attendus:  

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.

Phase 1 01.11.2015 - 31.08.2022   (Completed)