2012年-世界发展银行全球_Kosovo___Report_on_the_Observance_of_Standards_and_Codes_on_Accounting_and_Auditing--Update_152页_2mb

Summary of the Report on the Observance of Standards and Codes on Accounting and Auditing in Kosovo (June 2012)

Core Content

This report provides an update on the accounting and auditing (A&A) standards and codes in Kosovo, building upon the 2006 ROSC A&A report. It evaluates the current state of financial reporting and auditing practices, identifies gaps in alignment with the EU acquis communautaire, and outlines key recommendations for improving the institutional framework and practices in Kosovo.

Main Changes Since 2006

I. Statutory Framework

• A new financial reporting law was passed in July 2011, bringing the legal framework closer to EU standards.
• The threshold for statutory audits was increased, but further changes are needed for full alignment with the acquis.

II. The A&A Profession

• The Society of Certified Accountants and Auditors of Kosovo (SCAAK) became an IFAC member in 2010.
• SCAAK faces challenges in ethics, quality assurance, and discipline.
• Some progress has been made in integrating university and professional accounting education, but more work is required.

III. Accounting Education and Training

• Integration of university and professional education has been promoted.
• Tertiary-level accounting education needs to be updated and enhanced.
• SCAAK should share resources with universities and involve them in training programs.

IV. Enforcement of A&A Standards

• The financial reporting regulator, KBSFR, was replaced by KFRC in 2011, but the operating model remains unchanged.
• The enforcement of accounting standards among non-banking entities remains a challenge.
• A quality assurance system consistent with the EU Statutory Audit Directive is yet to be established.

Observed Reporting and Auditing Practices

I. IFRS Adoption

• Kosovo has not fully adopted IFRS, and the use of Kosovo Accounting Standards (KAS) is still prevalent.
• The status of IFRS adoption is a key focus of the report.

II. Financial Statement Review

• Financial statements are reviewed, but the process is not fully aligned with international standards.
• The role of the Kosovo Business Registration Agency in enforcing financial statement publication is being considered.

III. Perceptions of Financial Reporting Quality

• There is a perception that financial reporting quality is not yet at the level required for international standards.
• The need for transparency and reliability in financial reporting is emphasized, especially for attracting foreign investment.

Key Recommendations

Critical Success Factors

• Clarity of reform objectives: Identify and address gaps in legislation to align with the EU acquis.
• Effective implementation: Ensure legislation is implemented and enforced, with an official designated to oversee the process.
• Institutional capacity: Strengthen the capacity of regulatory bodies to understand and enforce international standards.
• Alliances: Encourage collaboration among stakeholders to achieve reform goals.

Short- to Medium-Term Priority Actions

Transparent Financial Reporting Regime

• Revisit the requirement to publish financial statements to ensure effective enforcement.
• Consider assigning the task to the Kosovo Business Registration Agency.
• Develop a strategy to improve the performance, functionality, and capacity of KFRC with donor assistance.

Strengthening the Accounting Education System

• Promote integration of university and professional education.
• Update and enhance the quality of tertiary-level accounting education.
• SCAAK should share its training resources with universities, and part of the training program for accounting technicians should be devolved to universities.

Economic Context

• Kosovo is a landlocked country with borders to the south (FYR Macedonia), west (Albania), and northwest (Montenegro), and a disputed border with Serbia.
• The population is around 1.8 million, with 45% living in urban areas.
• GDP per capita is EUR 2,368, making Kosovo one of the poorest countries in Europe.
• The economy is highly dependent on remittances, which constitute around 15% of GDP.
• The use of the euro as the de facto local currency has reduced exchange rate volatility and kept inflation low.
• The financial sector is dominated by small private enterprises, with limited access to external financing.
• Microfinance institutions (MFIs) play a significant role in providing capital to small businesses.
• MFIs are regulated under the new Law on Banks, and some are considering becoming banks.
• The Kosovo Trust Authority (KTA) and Privatization Agency of Kosovo (PAK) have been responsible for managing and privatizing public enterprises.

Institutional Framework for Financial Reporting

• The financial reporting regime is still not fully aligned with the EU acquis.
• The report emphasizes the need for further alignment to support economic growth and attract foreign investment.
• A robust audit quality assurance and disciplinary system is a key long-term goal for Kosovo, with SCAAK playing a leading role in collaboration with KFRC.

Conclusion

The report highlights the progress made in Kosovo's A&A framework since 2006, particularly the new financial reporting law and increased audit thresholds. However, it also identifies significant challenges in enforcement, institutional capacity, and alignment with EU standards. The recommendations emphasize the importance of clarity, effective implementation, capacity building, and stakeholder collaboration in improving the financial reporting infrastructure.