The Albania Corporate Financial Reporting Enhancement Project (CFREP) was set up to create a transparent policy environment and effective institutional framework for corporate financial reporting in line with best international practices, aligned with the EU acquis communautaire with a view to Albania’s aspiring to EU accession. The project was active from 2010 to 2013.

Project features

The project’s components included:

  1. Improving the legal framework in the area of corporate financial reporting
  2. Strengthening the Capacity of the National Accounting Council
  3. Establishment of an Audit Oversight System
  4. Improving accounting and auditing curricula for university education and professional certification
  5. Project management, strengthening reform capacity, and monitoring and evaluation

The project developed institutional commitment to change, and provided a sound foundation for the next phase of reforms. Project results, by areas of engagement, can be summarized as follows:

  • Improvements to the legal framework by identification of gaps between existing legislation and the EU acquis; adoption of a legislation harmonization plan;
  • National accounting standard setter strengthened by enhanced ability of National Accounting Council (NAC) to set national standards and update international financial reporting standards (IFRS) translations;
  • Improvements to audit oversight by the establishment of a public oversight system for independent auditors and by undertaking initial capacity building;
  • Improved accounting and auditing education by increasing the awareness of universities and professional bodies of modern accountancy curricula;
  • Government capacity for corporate financial reform (CFR) strengthened, including monitoring and evaluation. The project assisted with reform preparation, improved stakeholders' ability to manage the reform agenda, and provided a sound basis for a potential follow-up project.