|Project Name:||Improving Corporate Financial Reporting Yemen|
|Status of Project:||In Progress|
Regional - Middle East & North Africa
Country - Yemen
|Focus Area(s):||Professional accountancy organization capacity building (including establishment, governance, strategy, infrastructure, information & communication technology, and operational & technical resources)|
Yemen Association of Certified Public Accountants (YACPA)
World Bank Group - Institional Development Fund
|When did/will the project commence?||2013-10|
|When was/will the project be completed?||2016-10|
|Project Objectives:||The objective of this project is to improve the corporate financial reporting in Yemen through building capacity of the professional accountants and auditors and strengthening the institutional capacity of YACPA to enable it to lead national accountancy development by:
• Adopting and implementing international standards;
• Promoting high-quality financial reporting;
• Developing skilled qualified professionals.
The capacity strengthening will be carried out in coordination with and with IFAC
|Key Project Components:||The Project consists of two main parts:
Part 1: Strengthening the Capacity of YACPA in certain areas including strengthening the accounting educational system, implementing a code of ethics for professional accountants, establishing a credible and sustainable quality assurance mechanism, etc.
Part 2: Strengthening the Capacity of the Practicing Members of YACPA through the provision of consultants’ services and training on International Financial Reporting Standards and International Standards of Auditing.
|Key Project Outputs:||• Developed self-regulatory framework aligned with IFAC standards for professional bodies (SMOs).
• Enhanced training facility and website of YACPA, with easy-to-access training and reference material.
• Developed professional practice manual
• Trained YACPA’s members on the requirements of IFRS and ISA
|Key Project Outcomes:||• YACPA's full compliance with IFAC Statements of Membership Obligations.
• Enhancing the capacity of YACPA's practicing members by having access to the professional practice manual and capacity to implement the requirements of IFRS and ISA.
|How was the project initiated?||Result of ongoing relationship and awareness / knowledge of the PAO as well as engagement on the subject of Corporate Financial Reporting in the country. Application to and support by the World Bank Institutional Development Fund Facility. Please note that due to the situation in the country this project is currently suspended.|
|Total project budget (in USD)||$300,000.00|