On September 14, 2005, the first Steering Committee Workshop took place to discuss the drafting of the Country Action Plan to enhance the quality of corporate financial reporting in Bosnia and Herzegovina. Mr. Ranko Sakota, Deputy Minister, BH Ministry of Finance and Treasury provided opening remarks at the workshop and asserted that the implementation of the World Bank’s ROSC (Reports on the Observance of Standards and Codes - Accounting and Auditing) recommendations for Bosnia and Herzegovina and relevant parts of the acquis communautaire will align the financial reporting environment in Bosnia and Herzegovina with that required for membership of the European Union.

Mr. Sean Sweeney, Consultant, explained to the audience the different structures and models within European Union Member States, including France, Germany, Hungary, Ireland, Slovakia, and the United Kingdom. He further presented the outline of the Country Action Plan and assignment plans that would facilitate the development of the Plan. Mr. Sweeney concluded his presentation with a strong message to the participants: that high quality financial reporting is very important in creating a healthy business environment and a strong, transparent and robust financial system conducive to economic growth and financial system stability.(Presentation of Mr. Sean Sweeney )

Next, Mr. David Nagy, Member of the Financial Management Unit of the World Bank, described how the regional program, “Road to Europe – Accounting Reform and Institutional Strengthening” (REPARIS) provides support for the adoption, implementation and enforcement of the acquis communautaire. Mr. Nagy highlighted that the Advanced Program in Accounting and Auditing Regulation, which is an integral part of the REPARIS program, had been recently rolled-out in Sarajevo and Banja Luka. The Advanced Program is designed to give senior civil servants, financial sector regulators and accounting and auditing bodies an opportunity to share and acquire knowledge in accounting and auditing regulation to underlie a reform process in the context of harmonization with the acquis, and financial and private sector development.(Presentation of Mr. David Nagy )

In his concluding remarks, Mr. Ranko Sakota noted that enhancing the quality of corporate financial reporting remains a key challenge for Bosnia and Herzegovina. Mr. Sakota strongly welcomed further support by the World Bank to assist the Steering Committee in drafting the Country Action Plan. He also encouraged all members of the Steering Committee toactively participate in the Advanced Program in Accounting and Auditing Regulation, which includes presenters from the European Commission, the World Bank, the International Federation of Accountants (IFAC), the International Accounting Standards Board (IASB), the Basel Committee on Banking Supervision, the European Federation of Accountants (FEE), and senior policy-makers and regulators from the New EU Member States, among others.

For more information, please contact:
Mr. Frederic Gielen
Lead Financial Management Specialist, World Bank
Fgielen@worldbank.org