DEVELOPMENT OF THE ACCOUNTING PROFESSION IN ALBANIA IN THE NEW ERA OF MARKET ECONOMY

Rezarta Shkurti and Brikena Leka
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Rezarta Shkurti: Faculty of Economy, Tirana University, Albania
Brikena Leka: Faculty of Economy, Tirana University, Albania

Studies in Business and Economics, 2010, vol. 5, issue 3, 247-258

Abstract: In this paper we give an overview of the most important developments that the accounting profession has experienced ever since Albania switched from a closed economy to an open market one. We put forth a discussion about the factors that recently seem to represent major challenges for the accountants. We identify as two of the most important and emergent challenges the technology innovations and the globalization trend in accounting and financial reporting. Since computers began to be widely used in industry the impact of technology has been strong on the way that the accounting transactions are processed and on the financial and fiscal reporting. The use of computerized accounting software is constantly rising and more and more complex packages customized for the specific need of the domestic companies are being developed in Albania. This has presented an ever increasing need for more trainings and specializations of accountants in information and communication technology. Another important development is the globalization of accounting and financial reporting. The implementation of the new National Accounting Standards in Albania in 2008 fully complying with the IAS/IFRS, presents a major change in the accounting environment in Albania. We conclude the paper with some recommendations about several actions that might be taken to smooth the effects of these latest changes and challenges that the accountants are facing.

Keywords: internal audit; efficiency; effectiveness; risk audit; system audit; performance audit; regularity audit (search for similar items in EconPapers)
Date: 2010
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