On January 19, 2005, the World Bank organized a workshop in FYR Macedonia to present and discuss The Road to Europe – Program of Accounting Reform and Institutional Strengthening (REPARIS). | Mr. Maksud Ali, Deputy Minister of Finance (first left) together with his colleague taking notes during the REPARIS workshop |
In her opening remarks to the workshop, Ms. Jasminka VarnaIieva, Private Sector Development Specialist, discussed the importance of the World Bank’s Reports on the Observance of Standards and Codes - Accounting and Auditing (ROSC Reports), noting that the implementation of the recommendations in these reports underpin the REPARIS. Ms. Varnalieva also commented that the European Commission’s CARDS Regional Strategy Paper underlines the need for Western Balkans to familiarize itself with the acquis communautaire, particularly with respect to the core acquis issues relating to the internal market and that the adoption of the acquis in FYR Macedonia should facilitate the development of accounting principles that are compatible with the EC’s. Ms. Varnalieva’s discussion concluded with a key message: that corporate financial reporting is a fundamental building block of the financial infrastructure. | |
Mr. Frederic Gielen, Senior Financial Management Specialist, spoke next. In his presentation, Mr Gielen described how the REPARIS provides support for the adoption, implementation and enforcement of the acquis communautaire in the fields of accounting and auditing. Mr. Gielen added that the World Bank hosted a conference in Brussels on Wednesday, June 30, 2004to discuss the REPARIS, a proposed regional program of technical assistance. The conference was attended by Ministers of Finance and their designate from South East European and South Central European countries/entities. Next, Mr. Sean Sweeney, a financial management consultant, spoke on the importance of a sound corporate financial reporting system, emphasizing that it is the cornerstone of a well functioning market economy and a robust financial system. Mr. Sweeney highlighted that a key challenge for FYR Macedonia will be to enhance the quality of corporate financial reporting which, in turn, should contribute to private sector growth and financial stability, mitigating the risk of financial crises. Mr. Sweeney concluded by stating that this will ultimately translate into long-term prosperity and the improvement of living standards. In the workshops concluding remarks, Mr. William Buckley, Consultant, noted that the establishment of a National Steering Group should be the first step on the reform path in FYR Macedonia. Mr. Buckley delivered a strong message to the participants – that there are clear linkages between the quality of corporate financial reporting, financial sector stability and increased private sector growth. During the open discussion, Ms. Lence Tagasova, Advisor for Financial Systems from the Ministry of Finance, underlined Macedonia’s commitment to create an appropriate model for enforcing high-quality financial reporting standards. In terms of auditing and accounting, she asserted that the relevant benchmarks for FYR Macedonia are International Financial Reporting Standards, International Standards on Auditing, and the relevant portions of the acquis communautaire that are targeted at improving the financial reporting infrastructure. |  For more information,please contact: Frederic Gielen, Senior Financial Management Specialist, World Bank
Email: Fgielen@worldbank.org Jasminka Varnalieva, Private Sector Development Specialist, World Bank Email: jvarnalieva@worldbank.org |
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