World Bank and Ministry of Finance conference on International Financial Reporting Standards in Warsaw as part of the Swiss-Polish Cooperation
WARSAW, December 6, 2012 – High quality corporate financial reporting, which is independently audited and publicly overseen, contributes strongly to a stable business environment for investors, supporting growth in Poland, according to the second annual International Financial Reporting Standards (IFRS) conference, held today in Warsaw under the Financial Reporting Technical Assistance Program (FRTAP).
The key objective of the FRTAP is to support Poland in putting in place sustainable regulatory and institutional frameworks which (i) correctly implement the acquis communautaire in the field of corporate sector financial reporting; (ii) properly monitor and enforce the application of the acquis in practice; and (iii) provide necessary education and training of individuals responsible for those tasks.
The theme of this year’s Swiss-Polish Cooperation Program conference was “IFRS: changing landscape, practical solutions for businesses and investors in Central and Eastern Europe”. The conference provided businesses, market participants, and regulators in Poland with an up-to-date summary of key recent developments in corporate financial reporting. This supports the Polish business community’s continuing efforts to provide the highest quality financial reporting, and to tackle the associated practical challenges.
“If IFRS are to meet the expectations of our market, our companies need to be well aware of these standards and also participate in their development at the earliest stage possible. This event, which is organized by the World Bank in partnership with the IASB and as part of the Swiss-Polish Cooperation, can be very helpful in that respect,” said Mirosław Sekuła, Undersecretary of State at the Ministry of Finance.
Henri Fortin, Head of the Vienna-based World Bank Centre for Financial Reporting Reform (CFRR), noted that, “The focus of the conference is on the practical application of IFRS and the areas that present the highest challenge. This is an event to raise awareness among the Polish business community on these issues, but also on how to tackle them.”
The FRTAP for Poland is part of the broader Swiss contribution to reducing economic and social disparities within the enlarged EU for the new Member States. The Program supports Poland’s efforts to put in place institutional and educational frameworks that correctly implement the acquis communautaire in corporate financial reporting and are conducive to its effective application. FRTAP activities are carried out by the CFRR in partnership with the Ministry of Finance and key in-country stakeholders, with financing provided by the Government of Switzerland.
The conference was opened by Mirosław Sekuła, Undersecretary of State at the Ministry of Finance, and Roland Python, Deputy Head of the Swiss Contribution Office in Poland. Speakers included high-level representatives and experts of the International Accounting Standards Board, European Securities and Markets Authorities, Polish Financial Supervision Authority, Polish Accounting Standards Committee, and the Polish financial reporting community in general.
