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.
About the project
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:
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:
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.
Accounting standards are part of a legally binding corporate reporting framework.
The relevance of the acquis communautaire for Albania is twofold. First, it represents a...
International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC),...
The International Accounting Standards Committee (IASC) was founded in June 1973 in London and...
The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single...
International Federation of Accountants is the global organization for the accountancy profession dedicated to...
National Accounting Standards are accounting standards compiled by the National Accounting Council, which are...
Generally Accepted Accounting Principles, also called GAAP or US GAAP, is the accounting standard...
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.
PHOTOS & VIDEOS
Strengthening Audit Quality and Financial Reporting
What do you need to know?
Following the drafting process of the third phase and the implementation of the Country Action Plan (2021-2024) in the field of financial reporting, the World Bank has finalized the draft project Strengthening Audit Quality and Financial Reporting