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Albania

Albania Image

Financial Reporting Framework in Albania

In April 2004, Albania passed an Accounting Law (link to KKK website, available in Albanian only) requiring listed companies (currently there are none as there is no stock exchange in Albania), financial institutions and insurance companies, subsidiaries of internationally listed parents, and large unlisted companies to apply IFRSs as issued by the IASB. There is currently no endorsement process for IFRSs; any new and amended IFRSs are also covered by the Accounting Law (2004).

All other corporate sector entities must prepare their financial statements in accordance with Albanian National Accounting Standards drafted by the KKK and approved by the Minister of Finance.

Albania applied for European Union membership in April 2009. As an EU member, Albania would be required to comply with the EU IAS Regulation and to apply IFRSs as adopted for the use in the European Union.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.