Switzerland supports reforms on corporate financial reporting

TIRANA, April 13 – The Government of Switzerland in close cooperation with the World Bank Center for Financial Reporting Reform will support with a grant contribution of 1.75 million USD the implementation of an action plan in the framework of the Corporate Financial Reporting Enhancement Project (CFREP) over the next three years.
With a view to enhancing an effective institutional framework for corporate financial reporting in line with best international practice and aligned with the European Union (EU) acquis communautaire, Switzerland’s contribution will focus on strengthening institutional and human capacities by way of bringing laws and regulations in line with relevant EU directives as well as to enable the relevant regulatory bodies and stakeholders to understand and enforce the financial reporting standards. Good governing corporate sector financial reporting is the cornerstone of any well functioning market economy and the bedrock of robust financial system.
Switzerland has two main objectives in pursuing its programme for economic cooperation with Albania: assisting to integrate the country into the global economy and fostering economic growth. Reinforcing economic governance, being a leitmotif in Switzerland’s development cooperation in Albania, is crucial for attaining these two objectives. The Swiss Government, in a strong and longstanding partnership with International Financial Corporation (IFC) as part of the World Bank Group, has been supporting Albanian companies and regulators in improving their internal control and audit systems over the last five years. The ongoing corporate governance program, implemented by IFC, will closely liaise for utilising synergies with the new CFREP given that sound accounting and auditing practices are an integral part of good corporate governance arrangements. Concurrently, Albania is an active participant in a regional program, targeting eight countries of South Eastern Europe, which is entitled: Road to Europe-Program of Accounting Reform and Institutional Strengthening (REPARIS). The complimentarity of regional and country activities between these two program/projects of REPARIS and CFREP is a good opportunity to achieve tangible and sustainable outcomes.
Albania has made progress in corporate financial reporting with the approval of accounting and auditing laws and an action plan to enhance corporate financial reporting in Albania.