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    Enhancing Quality of Financial Reporting

    The reform program in Albania is divided into three phases. The Government of Albania has advanced with the implementation first two phases. Currently Government’s efforts are directed towards strengthening the capacity of the regulatory bodies in financial services.

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    Enhancing Quality of Financial Reporting

    Raising the Awareness on the
    Benefits of Good Financial Reporting
    User’s Survey

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    Enhancing Quality of Financial Reporting

    Raising the Awareness on the
    Benefits of Good Financial Reporting
    Preparer’s Survey

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    About the project

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    objective

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    The Government of Albania has advanced with the implementation of the first two phases. Currently Government’s efforts are directed towards strengthening the capacity of the regulatory bodies in the financial services including the Central Bank of Albania, Albanian Financial Supervision Authority and General Directorate of Taxes, on the use of IFRS for prudential supervision and fiscal administration purposes.

    The World Bank Group has initiated strengthening of financial reporting in South East Europe, through the “The Road to Europe Program of Accounting Reform and Institutional Strengthening (REPARIS)”.This program aims to create a transparent policy environment and effective institutional framework for corporate reporting within eight countries located in south central and south-east Europe. The regional activities of this program are focused on creating awareness and a reform-enabling environment while the country focused activities aim to support implementation of those reforms in each participating country. Albania is an active participant in this program with the will to contribute to foreign direct and portfolio investment, foster private and financial sector developments, improve the business environment and investment climate, and facilitate potential integration into (or harmonization with) the European Union. The reform program in Albania is divided into three phases:

    1. Enhancing the Institutional Framework;
    2. Strengthening of the Institutional Capacity;
    3. Raising Awareness on Corporate Financial Reporting and Statutory Audit.

    About the project

    IMPORTANCE OF
    FINANCIAL REPORTING

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    What do you need to know?

    Commitment of the Government of Albania (GoA) towards the EU accession is an important driving force for enhancing corporate financial reporting.

    Taking into consideration the reforms, GoA’s goal is to enhance corporate financial reporting.
    Enhanced corporate financial reporting is vital for the well-functioning market economy including:

    Project Stakeholders

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    PARTICIPATING
    STAKEHOLDERS WITHIN
    THE PROJECT

    PROJECT ACTIVITIES

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    components

    ACCOUNTANCY EDUCATION

    MONITORING AND ENFORCEMENT OF FINANCIAL REPORTING AND AUDITING

    FILING AND PUBLICATION OF STATUTORY FINANCIAL STATEMENTS

    PROJECT MANAGEMENT, COORDINATION, EVALUATION

    Survey Results

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    USER FINANCIAL

    REPORT

    Albania is an active participant in The Road to Europe: Program of Accounting Reform and Institutional Strengthening. Other participating countries include Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, the former Yugoslav Republic of Macedonia, Moldova, Serbia and Montenegro.

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    PREPARES
    FINANCIAL
    REPORT

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    E-Room

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    WHAT IS E-ROOM?

    The website will be the main instrument to promote the financial reporting reform in the country as it is structured in such a way to promote activities that occur throughout the FINREP project. The website will promoted in all communication channels and the users will be informed on all reform activities.

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    PHOTOS & VIDEOS

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