About REPARIS

The policy environment and institutional framework for corporate reporting in South Central and South East Europe (the “Region”) suffer from weaknesses.  Such weaknesses have been associated with illicit corporate behavior and increased fraud and corruption, which lead to reduced direct foreign investment and lowered investor confidence.  Furthermore, the consolidation of peace and stability in the Region, as well as potential accession to the European Union (EU), hinges upon well-working institutions. 

The Road to Europe: Program of Accounting Reform and Institutional Strengthening (REPARIS) is a regional program aimed at creating a transparent policy environment and effective institutional framework for corporate reporting within South Central and South East Europe. Participating countries/entities include Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo (UNSCR 1244), the former Yugoslav Republic of Macedonia, Romania, and Serbia and Montenegro.  Moldova, Turkey and Ukraine also participate in certain regional activities.  The REPARIS Program is designed around the introduction, implementation, and effective enforcement of relevant portions of the EU acquis communautaire with a view to contribute to foreign direct and portfolio investment, foster private and financial sector developments, improve the business environment and investment climate, and facilitate potential integration into (or harmonization with) the European Union.

The key interventions under the REPARIS Program include strategic input on (a) drafting and phasing-in of legal and regulatory instruments to comply with the acquis; (b) institutional design and operating procedures; and (c) design of ongoing education and training programs, both academic and professional.  In addition, the Program includes twinning arrangements with leading foreign institutions, as well as the establishment and start-up support of a network of regulators, standard-setters, and officials from participating countries.

On a global level, the World Bank plays a leading role in advising countries on accounting and audit regulation.  The international community has emphasized the important role of international standards in strengthening the international financial architecture.  In this context, the World Bank is the international institution charged with assessing countries systems of accounting and auditing regulation through the Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing Program.  The ROSC Accounting and Auditing Program was established to assist countries in implementing International Financial Reporting Standards and International Standards on Auditing in order to strengthen their financial reporting regime.  For first and second wave accession countries, the ROSC assessments have been carried out in close cooperation with the European Commission and these ROSC reports has formed the analytical and diagnostic underpinning for the REPARIS initiative. The REPARIS program is built on the robust analytical underpinning, the ROSCs, and a systematic approach to the development of a multi-faceted reform program.