THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA

Rezarta Shkurti () and Brunilda Duraj ()
Additional contact information
Rezarta Shkurti: Faculty of Economics, University of Tirana, Tirana
Brunilda Duraj: Faculty of Economics, University of Tirana, Tirana

CBU International Conference Proceedings, 2016, vol. 4, issue 0, 092-097

Abstract: Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.

Keywords: accounting standardsfinancial reporting; SME (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ojs.journals.cz/index.php/CBUIC/article/view/748/840 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aad:iseicj:v:4:y:2016:i:0:p:092-097

DOI: 10.12955/cbup.v4.748

Access Statistics for this article

More articles in CBU International Conference Proceedings from ISE Research Institute
Bibliographic data for series maintained by Petr Hájek ().