|Project Name||Enhancing Financial Disclosure Standards in Transitional Economies|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
|Sector / Subsector||
Finance - Finance sector development
|Gender Equity and Mainstreaming||No gender elements|
Impact and Outcome, Methodology and Key Activities -
The RETA will impact positively on good governance in the corporate and financial sectors at country and regional levels. It will enhance the regulator's capacity in accounting and auditing standards' setting and quality control. Upon completion, the RETA's outcome will be improved quality of accounting standards in Kazakhstan, the Kyrgyz Republic, Mongolia and Uzbekistan. The RETA will develop country-specific action plans to improve financial diclosures. Specifically, the TA will undertake the following: (i) guidelines on interpretation and implementation of International Standards of Auditing (ISA); (ii) building local ISA compliant audit capacity; (iii) training regulators from the four transitional economies; and (iv) seminar for interface of country participants to share knowledge and experience in International Financial Reporting Standards (IFRS) and ISA implementation.
|Project Rationale and Linkage to Country/Regional Strategy||The RETA will concentrate on facilitating the implementation of IFRS and particularly ISA to joint stock companies in the four TEs. In doing so, it will complement and continue the efforts of (i) ADB_s earlier RETAs,(ii) its country specific financial sector related loans and TAs to Mongolia and the Kyrgyz Republic and (iii)the United States Agency for International Development (USAID)'s Central Asia Accounting Reform Program (CAARP)and the Enterprise Development Program (EDP) which sought to create a regional accounting infrastructure by supporting education and setting examination standards for a critical mass of IFRS knowledgeable accountants. . The RETA will facilitate the application by the USAID-trained accountants of IFRS and the enforcement of ISA by regulators, thereby complementing CAARP_s and EDP_s efforts. The outcome will be facilitated by: (i) providing methodologies for addressing legal and regulatory impediments to the application of ISA, (ii) providing training to regulators of the necessity of updated IFRS and ISA, (iii) providing methodologies for reconciliation between income and asset values computed according to IFRS standards and that of the local tax authorities, (iv) providing specific guidelines for the interpretation and implementation of ISA, (v) recommending the criteria for entry and continued membership in the profession, (vi) translating auditing textbooks, ISA and other updated relevant material into Russian (without duplicating what has already been translated by USAID under its EDP), (vii) establishing selection criteria for domestic audit firms_ audit of public listed companies, and (viii) after completion of the country specific domestic training programs, conduct a regional seminar that would provide an interface for the regulators from the four TEs to share knowledge in their application of IFRS and ISA to be strengthened through training and learning from each others_ experience.|
|Description of Outcome|
|Progress Toward Outcome|
|Description of Project Outputs|
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Geographical Location||The four transitional economies (TEs) identified are: Kyrgyz Republic, Mongolia, Kazakhstan and Uzbekistan|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|Consulting Services||A team of one international consultant and four domestic consultants will be recruited from an international firm to provide a total of 21 person-months' services between April and October 2006. The international consultant will be the team leader and will assume overall responsibility for the team's output. He must be a Chartered Accountant/Certified Public Accountant and is a member of an International Federation of Accountants (IFAC) member institute. The four domestic consultants must be professional accountants and will be selected by ADB on the recommendation of the team leader in consultation with the Ministries of Finance in Kazakhstan, Mongolia, Uzbekistan and the State Commission on Financial Reporting and Auditing (SCFRA) in the Kyrgyz Republic. All consultants will be recruited by ADB according to ADB's Guidelines on the Use of Consultants and other arrangements satisfactory to ADB.|
|Responsible ADB Officer||Narasimham, R.|
|Responsible ADB Department||Central and West Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, CWRD|
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
|Concept Clearance||10 Mar 2002|
|Fact Finding||20 May 2005 to 27 May 2005|
|Approval||08 Aug 2005|
|Last Review Mission||-|
|PDS Creation Date||02 Aug 2007|
|Last PDS Update||15 Oct 2008|
|Approval||Signing Date||Effectivity Date||Closing|
|08 Aug 2005||-||08 Aug 2005||31 Oct 2006||31 Dec 2008||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|500,000.00||0.00||0.00||0.00||0.00||0.00||500,000.00||08 Aug 2005||401,871.04|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
|Title||Document Type||Document Date|
|Enhancing Financial Disclosure Standards in Transitional Economies||TA Completion Reports||Jan 2009|
|Enhancing Financial Disclosure Standards in Transitional Economies||Consultants' Reports||Dec 2007|
|Enhancing Financial Disclosure Standards in Transitional Economies||Technical Assistance Reports||Aug 2005|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
None currently available.
|Title||Document Type||Document Date|
|Enhancing Financial Disclosure Standards in Transitional Economies||Books||Oct 2008|
The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.