Overview

The EQFinRep in Albania seeked to improve the capacity of relevant national institutions to teach, support, regulate, enforce and disseminate high-quality corporate financial reporting in Albania in line with the relevant parts of the EU acquis communautaire and good international practice. The project focused on strengthening human and institutional capacity of universities, accountancy and audit professional organizations, tax and supervisory authorities, and the commercial register. The project begun in 2015 and finished in December 2019.

The EQFinRep continued the work begun under the Corporate Financial Enhancement Reporting Project (CFREP) in some areas (e.g. accountancy education, audit oversight) and include additional areas (e.g. filing and publication, enforcement in financial sector).

Project features

This second phase of reforms focused on:

• Further modernization of corporate financial reform (CFR) legislation, to be fully compliant with the EU acquis communautaire.
• Further modernization of accountancy education and professional qualification to meet good international standards and benchmarks;
• Further capacity strengthening of monitoring and enforcement institutions, such as audit oversight board and financial sector regulators, so that they can ensure proper application of accounting and auditing standards by corporate entities, including financial sector entities;
• Improving the Public Register of Financial Statements’ operation, to ensure financial statements are publicly available for users, including potential investors and creditors.