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Objective

The main objective of EUARICA (Eurasian Regional Initiative on Corporate Accountability – is to bring together professional accounting organizations (PAOs), policymakers and regulators from this region to discuss ways to facilitate and promote the adoption and implementation of high-quality internationally recognized professional standards for accounting – the International Financial Reporting Standards (IFRSs), set by the International Accounting Standards Board (IASB), auditing and assurance, other pronouncements, education, ethics, and public sector accounting standards, issued by the independent standard setting boards under the auspices of IFAC – International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), International Public Sector Accounting Standards Board (IPSASB), as well as the establishment of quality assurance and investigation and disciplinary systems.

EUARICA’s long term objective is to improve financial reporting and management of corporate and public finances in the participating countries, share lessons learned, and build PAOs capacity.

Thus, EUARICA’s initiative will be relevant to the work and interests of policymakers, financial sector regulators, standard-setters, academics, accountants and auditors, private sector stakeholders, and regional and international organizations, including the donor community.

Background

The region has already benefited from similar knowledge sharing initiatives. Two major international standard setting/PAO development events held in London in 2011 and 2013 were targeted at the PAOs and regulators from the Eurasian region from Armenia, Azerbaijan, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Russia, Ukraine, Tajikistan, Turkmenistan and Uzbekistan. The events were organized at the initiative and with the support of IASB, IAASB and IFAC, and hosted by the UK PAOs – ICAEW and ACCA.  The meetings held in London proved to be extremely useful for all participating PAOs and regulators as they were targeted at the specific country agendas, which were directly discussed and consulted on with the key experts in the industry. At the same time, these events united the countries facing many similar challenges, historical professional knowledge of Russian language and development goals, with many of the participating countries being at varying stages of adoption of international accounting and auditing standards.  As such, these meetings triggered wide scale knowledge sharing and discussion amongst the participating PAOs, and regulators.

In the next 2-3 years, these events drove further accounting reforms in the participating countries, created greater awareness of the importance of sound financial reporting and auditing for the development of a well-functioning market economy.

The follow up developments in the region, such as official adoption of the ISAs in Russia, Moldova and other participating countries, adoption of the amended Audit Laws in Armenia, Georgia and Ukraine, the launch of the donor funded projects, such as STAREP and DFID project in Kyrgyzstan, made it clear that here is a dire need to continue such initiatives on a permanent basis. At the same time, the regional consultations held in the aftermath of London standard setting events and analysis of the developments in the respective countries showed that such initiatives have better chances of being sustainable and successful if they are initiated by the countries of the region.

As a result, multiregional country TASK Force of EUARICA’s initiative was established to facilitate the interaction between interested stakeholders and further expand it into multidimensional regional initiative encompassing:  

(a) the establishment of the regional hub/center of excellence of corporate accountability functioning on ongoing basis

(b) knowledge sharing in the form of holding international conferences, regional events and communities of practice with the participation of the leading international experts in the industry, facilitation of the common translation of the international accounting pronouncements into Russian language,

(c) building on from the lessons learned of technical assistance projects in the region and support for accountancy reform through the World Bank, the UK’s Department for International Development (DFID), and

(d) collaborative relationships and networks throughout the region.

The short-term objective of the given TASK Force is to hold the 1st pilot Regional EUARICA’s forum in the nearest future, currently planned for spring-summer of 2019. The prospective themes of interest are the updates in the international accounting, auditing, educational standards, lessons learned from the technical assistance projects in the region and discussion of the way forward to promote regional sustainable development.

EUARICA’s sole requirement towards its perspective participants is currently envisioned to be PAO’s continuous improvement and development through demonstrated commitment to adopt and implement international professional accounting, auditing and educational standards, and other pronouncements, issued by independent standard setting boards under the auspices of IFAC and IASB.

EUARICA IFRS

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