The Albanian Parliament approved the law No.25, dated 10 May 2018 “On Accounting and Financial Statements”, becoming effective from 1 January 2019.
The new law provides some changes on the financial reporting and other accounting requirements and aims to harmonize the Albanian financial reporting requirements with the EU directives on accounting. It aims to impose more disclosures for medium and large entities and less burden for micro and small entities.
Why Companies need to act now!
Though New Accounting Law mandatory effective date of 1 January 2019 may seem a long way off, entities are strongly advised to start preparing now for the new information required to report. Many entities will need to collect and analyze additional information and implement changes to internal policies, procedures and information systems.
Attached we are providing a summary of main changes that will be introduced by this new law in relation to financial and non-financial reporting requirements.
Please read our summary attached for more details.
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