UNDP helps Albania’s accounting system

TIRANA, June 21 – Albania, the International Management Consultants Ltd, and the United Nations Development Programme coordinated efforts and funding for a one-year support to the Albanian Ministry of Finance, which is aimed at modernizing the Albanian accounting system.
The International Public Sector Accounting Standards Project, begun in 2006, seeks to support the Ministry of Finance in its public sector reform to introduce IPSAS (International Public Sector Accounting Standards) and IFRS (International Financial Reporting Standards) in order to regulate the country’s accounting and reporting system.
All the accounting tools and instruments were modified to be compliant with the new principles and the relevant new approaches to financial information.
UNDP supported the Albanian translation of the full version of IPSAS and IFRS in accordance with the requirements of the IPSAS Board (IPSASB) and International Accounting Standards Board (IASB); the development of a training strategy for public and private sector accountant; training and certification of about 50 professionals in addition to the development of a phased migration plan for the adaptation of National Public Sector Accounting Standards (NPSAS) based on International Public Sector Accounting Standards (IPSAS).
The adoption of the international accounting standards in Albania will increase transparency, comparability and accountability of financial reporting and will improve both the quality and comparability of financial information reported by the public and private sector in Albania. This will encourage, among other things, foreign investment in the country. (Tirana Times Staff)