World BankInternational Monetary Fund2014-08-142014-08-142014-02https://hdl.handle.net/10986/19294This note is prepared as part of the financial sector assessment program (FSAP). Its main objective is to describe the status and recent developments in corporate financial reporting framework in Albania and highlight key issues relevant to financial sector. The note represents a technical annex to the main FSAP aide-memoire and seeks to provide a high level overview of developments since the 2006 accounting and auditing report on the observance of standards and codes (A and A ROSC), and highlight the areas that are most relevant to the financial sector. Notable progress has been made in developing modern corporate financial reporting framework in Albania since 2006, especially in improving the statutory framework and efforts to align it with the European Union (EU) acquis communautaire. The major consequences are that there is limited financial information on corporate entities available on the market that is reliable for economic decision making or supervision of financial sector entities. The capacity and skills of institutions responsible for accounting and auditing regulation, as well as accounting and auditing profession in Albania need further development. The annex one to this note offers details on status of implementation of 2006 A and A ROSC policy recommendations.en-USCC BY 3.0 IGOACCOUNTACCOUNTANCYACCOUNTANTSACCOUNTINGACCOUNTING CURRICULUMACCOUNTING REFORMACCOUNTING SERVICESACCOUNTING STANDARDACCOUNTSAUDIT COMMITTEESAUDIT ENGAGEMENTSAUDIT REPORTSAUDITED FINANCIAL INFORMATIONAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAUTONOMYBALANCE SHEETBANKING LEGISLATIONBANKING SECTORBANKSBROKERAGEBUSINESS ENVIRONMENTBUSINESS ETHICSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCIVIL SERVICECORPORATE GOVERNANCECREDIT INSTITUTIONSDEPOSITSDISCLOSURE REQUIREMENTSEXPOSUREEXTERNAL AUDITORSFACTORINGFINANCIAL COMPANIESFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL REPORTINGFINANCIAL REPORTING STANDARDSFINANCIAL SECTORFINANCIAL SECTOR DEVELOPMENTSFINANCIAL SERVICESFINANCIAL STATEMENTSGOOD PRACTICEHARMONIZATIONINCOMEINSTITUTIONAL CAPACITYINSURANCEINSURERSINTERNAL CONTROLINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINTERNATIONAL AUDITING STANDARDSINVENTORYINVESTMENT CLIMATELAWSLEGAL PROVISIONSLEGISLATIONLIMITED LIABILITY COMPANIESPEER REVIEWPENALTIESPORTFOLIOPORTFOLIO INVESTMENTPRIVATE SECTOR DEVELOPMENTQUALITY ASSURANCEQUALITY AUDITSQUALITY CONTROLREGULATORREGULATORSREGULATORY BODIESREPUTATIONSECURITIESSECURITIES REGULATORSSHAREHOLDERSSINGLE MARKETSTATUTORY AUDITORSSTOCK EXCHANGESUPERVISORY AUTHORITIESTAXTECHNICAL ASSISTANCETRANSPARENCYTURNOVERVOLATILITY10.1596/19294