The National Accounting Standards, NAS, are the standards by which economic entities in Albania prepare financial statements, in accordance with Article 5 of Law No. 25/2018. They are prepared by the National Accounting Council, pursuant to Article 24, while public interest entities generally apply the International Financial Reporting Standards (IFRS).
Economic micro-units apply SKK 15, in accordance with paragraph 5 of this standard.
Any other unit may voluntarily choose SNRFs instead of SKKs, in accordance with Article 5, paragraph 3.
The unit category, and thus the applicable standard, changes only when the thresholds are exceeded or not met for two consecutive reporting periods, in accordance with Article 4, paragraph 5.
Verified on from Andi Haxhillari, Certified Accountant. In accordance with Law No. 25/2018 on Accounting and Financial Statements, Articles 4, 5 and 24, and paragraph 5 of IFRS 15.
The National Accounting Standards (NAS) define how items in financial statements in Albania are recognized, measured, and presented. They are applied pursuant to Article 5 of Law No. 25/2018 and vary according to the size of the business entity. Micro-entities apply SSK 15, while other entities apply the full SSKs. Here you will find them all, standard by standard, together with the law.
✓ Law 25/2018, Article 5✓ SKK 1 to SKK 15✓ SKK 15 for micronits✓ SKK for NGOs
