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Albania: Launch of Corporate Financial Reporting Enhancement Project (CFREP)

13 April 2011, Tirana

The Albanian Ministry of Finance officially launched the Corporate Financial Reporting Enhancement Project (CFREP) on 13 April 2011. CFREP will help improve the framework for corporate financial reporting in Albania by assisting in designing and implementing reforms to Albania's framework for accounting and auditing.

Albania: Launch of Corporate Financial Reporting Enhancement Project (CFREP), 13 April 2011, Tirana

The project is administered by the World Bank Centre for Financial Reporting Reform (CFRR) and is funded by a contribution of EUR 1.25m from the Swiss State Secretariat for Economic Affairs (SECO). Albania is already a member of the CFRR's REPARIS program and the CFREP project will complement the regional REPARIS program by helping the government and other stakeholders to implement reforms to financial reporting in Albania.

To the REPARIS program page

Translate this page (the translation is carried out using Google Translate, the CFRR cannot guarantee the accuracy of the results of such an automatic translation)

Partners of this program

Austrian Development Cooperation

Ministry of Finance, Austria

SECO Switzerland

Ministry of Finance, Luxemburg

Summary


Description

Speaking to an audience of stakeholders involved in corporate financial reporting reforms, Mr. Nezir Halded, deputy minister of finance said: “The government of Albania and the Ministry of Finance are committed to reforms in order to enhance Albania's legal framework, institutions, and accounting profession, as well as its accounting, auditing and business culture.”

EduCoP Workshop, 29-30 November 2010, ViennaThe World Bank acting country manager for Albania, Mrs. Greta Minxhozi, expressed the World Bank's support for the development of a transparent and enabling business environment in Albania. The World Bank is already closely cooperating with the Ministry of Finance in the REPARIS program, and this cooperation will be developed further through the CFREP project.

The Swiss Ambassador, H.E. Yvana Enzler emphasized that Switzerland puts economic governance at the heart of its work on economic cooperation and development in its partner countries like Albania. There was a particular need to reinforce the implementation of the financial reporting framework and to strengthen the private sector's ability to comply with International Financial Reporting Standards (IFRSs).

Mr. Andrei Busuoic and Mrs. Antonia Viyachka from the World Bank summarized the project's main elements and its expected results (see their presentation below). These were:

  • EduCoP Workshop, 29-30 November 2010, ViennaAn improved legal framework in the area of corporate financial reporting, aligned with the EU acquis communautaire;
  • More effective setting of national accounting standards by the National Accounting Council (NAC)
  • Improved setting of audit standards and supervision of auditing practices by the audit oversight system
  • Revised curricula in accounting and auditing both in universities and for professional certification to raise the level of professional skills;
  • Better management of reforms in corporate financial reporting by the National Steering Committee (NSC) for financial reporting reform and the Ministry of Finance

The NSC will have an oversight role for the project, whose beneficiaries include the Ministry of Finance, the National Accounting Council, the public oversight board, professional associations and universities.




Permanent URL for this page: http://go.worldbank.org/Q8WQIQMTH0