Enhancing Corporate Financial Reporting in Serbia IDF Grant If the IDF funding would be available, the project will set out a clear program of reforms to enhance Serbian legal framework, institutions, and accounting profession, as well as its accounting, auditing and business culture, to achieve high quality financial reporting.  As indicated, the project will be built on a robust World Bank's ROSC A&A diagnostic underpinning. A number of high-level objectives is expected to form the basis for the country strategy to be delivered by the individual actions set out in the plan: 1.  Enhancing the Framework for Corporate Financial Reporting 2.  Strengthening Key Stakeholders in the Corporate Reporting Framework 3.  Supporting the Audit Profession 4.  Supporting Education, Training & Public Awareness TF090654 The grant will support implementation of initial steps of the long-term strategy and time bound action plan to bring corporate financial reporting framework into compliance with international standards (International Financial Reporting Standards and International Auditing Standards), which would drive much wider reform in the private sector.  A number of high-level objectives is expected to form the basis to be delivered by the individual actions set out in the grant (complemented by further donor funding):  1. Enhancing the Framework for Corporate Financial Reporting and Strengthening Key Stakeholders in the Corporate Financial Reporting Framework  2. Supporting the Accounting and Audit Profession  3. Improving Academic Education, Professional Training and Public Awareness  The grant will set out a clear program of reforms to enhance the Serbian legal framework in corporate financial reporting, corporate financial reporting in line with the EU's acquis communautaire (EU body of law).  This grant will help the NSC (National Steering Committee) prepare a CAP (Country Strategy and Action Plan) and implement the recommendations highlighted in the World Bank&#146;s ROSC A&A (Report on the Observance of Standards and Codes in Accounting and Auditing) for Serbia in a way that is compliant with the relevant portions of the EU&#146;s acquis communautaire.  It is essential for the policy recommendations of the World Bank&#145;s ROSC A&A report to be transformed into a concrete, time-bound action plan that can be effectively implemented.  Corporate financial reporting is important not only to avoid crisis, but it is also important in a proactive sense, to promote investment and domestic savings, to develop capital markets and improve access to credit. Without reliable and high quality financial statements, a market economy cannot work efficiently. If markets cannot work efficiently, there is less or no economic growth, which results in less or no reduction in poverty.  The reform will be built on a robust World Bank's ROSC diagnostic underpinning.The primary benchmark will be the acquis communautaire [EU body of law] related to company law, financial reporting, auditing, financial markets, and financial institutions complemented by International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA) and good international practice.