Ministerial Conference in Vienna on Financial Reporting Reforms!

On March 18, 2025, a Ministerial Conference was held in Vienna with the theme “Reforms for Financial Reporting and Sustainability Reporting: Navigating Between the Green and Digital Agendas.”

The conference, organized by the World Bank Centre for Financial Reporting and Sustainability Reform (CFRR), had as its main objective the mobilization of political support for reforms in financial reporting and sustainability reporting, in line with international and regional standards.

The event gathered more than 250 delegates, including Ministers of Finance, international experts, representatives from EU and World Bank institutions, as well as participants from the public, private, and academic sectors.

Mr. Dritan Fino, Chair of the Public Oversight Board and Director General for the Management of EU Funds at the Ministry of Finance, underlined that Albania has already taken important steps to align its national legislation with EU legislation in the area of sustainability reporting.

Mr. Fino highlighted the recent amendment of the Audit Law, which now requires mandatory auditing of non-financial reporting and the provision of assurance on sustainability reports for certain entities.

“We are working closely with the World Bank on the preparation of a National Action Plan for Sustainability Reporting, which will address regulatory aspects, education and business training, monitoring and enforcement of these rules, as well as cooperation with industry organizations to develop and promote sustainability reporting.”

In addition, Mr. Fino emphasized that in the public sector, Albania is integrating sustainability reporting into national strategies and public finances, in line with international objectives, drawing from the best European practices. At the same time, the framework for both financial and non-financial reporting in the public sector is being reformed, with the aim of implementing international accounting standards and global best practices.

With regard to simplifying sustainability reporting under the new EU requirements, Mr. Fino stressed the importance of providing clear and simplified guidance, especially for small and medium-sized enterprises (SMEs), the development of sector-specific guidelines, digitalization of reporting processes, and the adoption of a phased approach to the implementation of these new standards.

At the closing of the conference, participants emphasized that despite the challenges, sustainability reporting remains an essential instrument for transparency, accountability, and the long-term improvement of economic and social sustainability. Albania was congratulated for the progress and commitments undertaken in this field during the closing remarks delivered by Mr. Arturo Herrera Gutierrez, Director at the World Bank Global Governance Practice.