Centre for Financial Reporting Reform

The Centre for Financial Reporting Reform (CFRR), part of the World Bank’s Governance Global Practice, works with client countries in Europe and Central Asia to implement good corporate governance and financial reporting practices and standards.

The CFRR provides a range of diagnostic assessments, technical assistance, knowledge and convening services in the fields of audit, accounting, financial reporting and the implementation of international standards in these areas. Partners include the European Union, the Austrian Development Cooperation, the Swiss State Secretariat for Economic Affairs and the Federal Ministry of Finance of the Republic of Austria.

The CFRR was established in 2007. It is located in Vienna, Austria (the formal "seat agreement" was signed on 21 July 2010 between the World Bank and the Government of Austria.)

Programs managed by the CFRR offer expert advice, knowledge and capacity development assistance, analytical and advisory services, learning and skill development, know-how and knowledge transfer, and technical assistance and institutional strengthening in the areas of corporate financial reporting and corporate governance. They include:

A regional program for EU enlargement candidates, or potential candidates, in Southeast Europe to integrate more closely with the EU and the EU’s internal market, and align their legislative frameworks with the EU acquis communautaire in the area of financial reporting. Launched in 2015, this program builds on the success of the REPARIS program from 2008 to 2014. The program addresses the need for better institutional frameworks, aligned with the acquis and harmonized regionally; encourages the accounting profession to offer enterprises, especially SMEs, effective business support services and advice on accessing finance and complying with regulatory requirements; helps stakeholders better understand the relationship between improved financial reporting and access to finance; and develops supportive networks of institutions among the countries of Southeast Europe, building sustainability and improving awareness of the benefits and successful approaches to corporate financial reporting reform.

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