Financial Reporting Project

Project completed

Despite major reforms by the New EU Member States to their legal and regulatory frameworks governing corporate sector accounting and auditing, there is a substantial unfinished institutional development agenda in the field of financial reporting. The Financial Reporting Technical Assistance Program provides support to five national administrations (in Latvia as well as in the Czech Republic, Estonia, Poland, Slovenia) which face capacity constraints and challenges in fully implementing – both in law and in practice – the very demanding obligations imposed by the rapidly-evolving acquis communautaire in this field.

Country/region Topic Period Budget
Promoting economic growth and improving working conditions
Regulation of the financial sector
01.09.2009 - 13.06.2017
CHF  1’533’827

Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.


Preparing for their accession to the EU in 2004, the new EU Member States undertook major reforms to their legal and regulatory frameworks governing corporate sector financial reporting. However, less emphasis was placed on the creation and/or strengthening of the institutional and human capacity required to ensure effective implementation and enforcement of the acquis in practice, and it is now evident that there is a substantial unfinished institutional development agenda in the field of financial reporting.

  • Better decision-making and enhanced financial transparency and governance of the corporate sector
  • Strengthened financial sector stability, as financial institutions and institutional investors gain access to more relevant, complete and reliable financial information
  • Improved tax collections
Target groups
  • Financial sector
  • Corporate sector

The World Bank’s Center for Financial Reporting Reform will provide technical assistance and training to a number of Latvian key stakeholders. A strong focus will be put on audit public oversight and quality assurance in order to meet the requirements of the acquis communautaire and attain an enhanced quality and reliability of the auditing process and financial statements of Latvian private sector enterprises.


Achieved results:  

  • 82 IFRS seminar days to 240 participants have been delivered.
  • 33 ISA seminar days to 360 participants have been delivered.
  • 5 public oversight study visits have been organized.
  • Thanks to the trainings and study visits, authorities and associations have acquired expertise in the area of international standards for financial reporting and auditing.
  • A comprehensive study on the relations between tax accounting and financial reporting has been carried out.  
    - The "World Bank Report on the Observance of Standards and Codes on Accounting and Auditing" has been published. It states that the financial reporting and audit legislation in Latvia is consistent with the requirements of the EU acquis communautaire currently in force. However, it needs to be updated to comply with recent changes.

Directorate/federal office responsible SECO
Credit area Swiss Contribution to the enlarged EU
Project partners Contract partner
  • World Bank - International Bank for Reconstruction and Development
  • Latvian Ministry of Finance

Implementing partner
Latvian Ministry of Finance and Center for Financial Reporting Reform (CFRR)

Budget Current phase Swiss budget CHF    1’533’827 Swiss disbursement to date CHF    1’399’377
Project phases

Phase 1 01.09.2009 - 13.06.2017   (Completed)