New rules for state finances - The draft law on public accounting changes the financial reporting of institutions
The financial reporting of all public institutions is expected to change radically. Financial statements will be prepared according to international standards, will be published to increase transparency and, for the first time, the entire public accounting system will be based on a special law and not just on instructions from the Ministry of Finance. These are the changes envisaged by the new draft law "On Accounting in the Public Sector", which aims to unify the way in which public administration records, administers and reports the use of public funds.
One of the most important innovations is the alignment of the Albanian system with International Public Sector Accounting Standards. This is expected to bring about more reliable, comparable and transparent reporting on how public funds are administered.
Another important change is the gradual transition from the current system to accrual accounting. This means that financial transactions will be recorded at the moment when financial obligations or rights are created and not only when payments or receipts are made. According to the draft law, this transition will be realized within three years from the entry into force of the law.
Meanwhile, for the first time, consolidated financial statements for public institutions will be prepared, creating a more complete picture of the financial situation of the administration. After approval, these statements will be published on the official websites of the institutions, within six months of the end of the financial year.
The draft law also strengthens the accountability of the administration. Institutions will be required to conduct periodic inventories of assets and liabilities, maintain financial documentation for at least ten years, and provide complete documentation for each accounting entry. In case of violations, such as failure to submit financial statements on time, entries without supporting documentation, or failure to comply with inventory procedures, the draft law provides for administrative measures and fines that can amount to up to three monthly salaries for the responsible officials.
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