CHANGES IN FINANCIAL AND ACCOUNTING ENVIRONMENT IN ALBANIA AND THE IMPACT ON PRACTITIONERS

Abstract

This paper presents a theoretical discussion about the organization of the professions of accounting andauditing in Albania and the most recent changes that have encompassed the Albanian financial and accounting landscapeafter the implementation of new accounting standards, the increased requirements for electronic financial and tax reportingand the ongoing improvement and adaptation of the higher education curricula. All these factors present major challengesfor the field practitioners in accounting and auditing. We try to identify which are the most prominent challenges faced bythe practitioners today and identify that the ICT impact, ethical values and the globalization trend in accounting andfinancial reporting are some of the most emergent ones. These factors make the work of the practitioners more and moredemanding and as it seems difficult to remain competitive in such a dynamic environment, we conclude with therecommendations that the curricula of the financial and accounting higher education should be adapted to include topicssuch as IAS/IFRS, ICT, Code of Ethics and that the professional accountancy and auditing organizations in Albania shouldprovide ongoing training and qualification sessions on the same topics to the existing practitioners.accounting, auditing, accounting software, tax reporting.