{"id":5535,"date":"2017-09-07T23:42:03","date_gmt":"2017-09-07T21:42:03","guid":{"rendered":"https:\/\/blog.zhaw.ch\/sml-international\/?p=5535"},"modified":"2017-09-08T16:37:15","modified_gmt":"2017-09-08T14:37:15","slug":"day-4-world-bank-and-ministry-of-finance","status":"publish","type":"post","link":"https:\/\/blog.zhaw.ch\/sml-international\/day-4-world-bank-and-ministry-of-finance\/","title":{"rendered":"Day 4 – World Bank and Ministry of Finance"},"content":{"rendered":"

Also the 4th day started with a briefing in the hotel lobby. As first, in the morning we visited the Centre for Financial Reporting Reform (CFRR) of the World Bank. CFRR provides knowledge, convening and capacity development services in support of financial reporting reform, institutional strengthening and the dissemination of good practice in the area of financial reporting and auditing. They work together with countries in Europe and Central Asia and support them to adopt and implement high-quality financial reporting standards. Further information here<\/a>.<\/p>\n

Jerry Decker, Head of CFRR, welcomed us on the 19th<\/sup> floor of the Galaxy 21 office building, which has a beautiful view.<\/p>\n

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He informed us that their department CFRR has a longstanding relationship with Switzerland as Switzerland is one of the major donors. In 2006 the EU issued a mandate to upgrade the accounting, auditing and financial systems of its member states. But the countries didn\u2019t get any help to implement these new regulations. John Hegarty noticed this and founded the CFRR to help the countries to implement the new EU regulations. Austria offered to provide free office space for this new centre and gave initial funding to develop the programmes.<\/p>\n

CFRRs goal is to create wealthy and functioning market economies in countries in Europe and Central Asia through financial transparency and reporting. The people need to understand the value of financial accounting as this kind of reporting is needed for tax issues, statistics, to attract more investors etc. The World Bank has a lot of different projects. CFRR is partof it and a special institute as it has a long-term view and is funded entirely by donors.<\/p>\n

After this introduction Andrej Busuioc, PhD, Senior Financial Management Specialist, gave us a general overview of CFRRs activities geographical coverage and areas.<\/p>\n

CFRR employees are technical experts for every area needed. They are active on three different levels to foster high quality reporting:<\/p>\n