Financial Sector Assessment Program - Albania : Corporate Sector Financial Reporting

Financial Sector Assessment Program - Albania : Corporate Sector Financial Reporting

This 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 financi...

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Bibliographic Details
Main Authors: World Bank, International Monetary Fund
Format: Financial Sector Assessment Program (FSAP)
Language:English
en_US
Published: World Bank, Washington, DC 2014
Subjects:
ACCOUNT
ACCOUNTANCY
ACCOUNTANTS
ACCOUNTING
ACCOUNTING CURRICULUM
ACCOUNTING REFORM
ACCOUNTING SERVICES
ACCOUNTING STANDARD
ACCOUNTS
AUDIT COMMITTEES
AUDIT ENGAGEMENTS
AUDIT REPORTS
AUDITED FINANCIAL INFORMATION
AUDITED FINANCIAL STATEMENTS
AUDITING
AUDITING PROFESSION
AUDITING STANDARDS
AUDITORS
AUDITS
AUTONOMY
BALANCE SHEET
BANKING LEGISLATION
BANKING SECTOR
BANKS
BROKERAGE
BUSINESS ENVIRONMENT
BUSINESS ETHICS
CAPITAL ADEQUACY
CAPITAL MARKETS
CAPITAL REQUIREMENTS
CIVIL SERVICE
CORPORATE GOVERNANCE
CREDIT INSTITUTIONS
DEPOSITS
DISCLOSURE REQUIREMENTS
EXPOSURE
EXTERNAL AUDITORS
FACTORING
FINANCIAL COMPANIES
FINANCIAL INSTITUTION
FINANCIAL INSTITUTIONS
FINANCIAL INSTRUMENTS
FINANCIAL MANAGEMENT
FINANCIAL REPORTING
FINANCIAL REPORTING STANDARDS
FINANCIAL SECTOR
FINANCIAL SECTOR DEVELOPMENTS
FINANCIAL SERVICES
FINANCIAL STATEMENTS
GOOD PRACTICE
HARMONIZATION
INCOME
INSTITUTIONAL CAPACITY
INSURANCE
INSURERS
INTERNAL CONTROL
INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE
INTERNATIONAL AUDITING STANDARDS
INVENTORY
INVESTMENT CLIMATE
LAWS
LEGAL PROVISIONS
LEGISLATION
LIMITED LIABILITY COMPANIES
PEER REVIEW
PENALTIES
PORTFOLIO
PORTFOLIO INVESTMENT
PRIVATE SECTOR DEVELOPMENT
QUALITY ASSURANCE
QUALITY AUDITS
QUALITY CONTROL
REGULATOR
REGULATORS
REGULATORY BODIES
REPUTATION
SECURITIES
SECURITIES REGULATORS
SHAREHOLDERS
SINGLE MARKET
STATUTORY AUDITORS
STOCK EXCHANGE
SUPERVISORY AUTHORITIES
TAX
TECHNICAL ASSISTANCE
TRANSPARENCY
TURNOVER
VOLATILITY
Online Access:http://documents.worldbank.org/curated/en/2014/02/19768300/albania-financial-sector-assessment-program
http://hdl.handle.net/10986/19294
Description
Summary:This 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.

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