For Accounting and Financial Statements<\/strong><\/p>\nLaw No. 25 of May 10, 2018 \u201cOn Accounting and Financial Statements\u201d establishes the general principles and rules for the preparation and components of financial statements, the determination of applicable accounting standards, and the maintenance of accounting records. This law applies to all for-profit economic units (regardless of their legal form \u2013 sole proprietorship, limited liability company, or joint-stock company) as well as by all nonprofit economic units (except in cases where their financial statements and accounting are subject to special laws or regulations, such as p.e.g., the case of foreign organizations operating in Albania which, according to agreements between the Albanian Government and their countries of origin, have been exempted from the obligation to prepare and file financial statements).<\/p>\n
Chapter I<\/strong>
\nGeneral Provisions<\/strong><\/p>\nArticle 3 Definitions<\/strong>
\nThe term \u201eeconomic unit\u201c includes legal and natural persons, public and private, for-profit and non-profit, that carry out activities and have permanent establishments in the Republic of Albania. Public economic units include all companies with the state as the sole shareholder, such as public utility service enterprises (water supply, energy, etc.). This law does not apply to the economic units of General Government, which means the entirety of central, local, and special fund government units (ref. Law No. 9936, dated June 26, 2008 \u201cOn the Management of the Budget System in the Republic of Albania,\" as amended).<\/p>\nThe term \u201cnonprofit economic unit\u201d is synonymous with the meaning and definition of NGOs given in Law No. 8788 of May 7, 2001 \u201cOn Nonprofit Organizations,\u201d as well as the definition provided for NGOs in the SKK. This Standard provides a non-exhaustive list of economic units considered nonprofit, such as foundations, associations, centers, political parties, religious institutions, trade unions, and any other organization not mentioned in this Standard but that has the status of a nonprofit organization. (established to carry out specific activities of a charitable or altruistic nature; not taxed (to the extent that it does not carry out profit-making economic activities); prohibited from distributing surpluses from its activities to its founders and\/or members; and is not owned or controlled by the Government), except for those NGOs or some of their activities which, by a special law, are exempt from the obligation to prepare and report their financial statements. They are not nonprofit organizations, for the purposes of this law and the OJF-specific regulations, and include various government agencies or regulatory entities which, although they do not carry on activities for profit, are nevertheless controlled by the Government. As such, they do not enjoy NGO status.<\/p>\n
The term \u201eeconomic unit of public interest\u201c refers to economic units, public or private, which by their nature, size, or number of employees are of public interest. The definition of an economic unit of public interest is that provided in Law No. 10,091 of March 5, 2009 \u201dOn Legal Audit, the Organization of the Profession of the Legal Auditor and the Approved Accountant,\u201c Article 2, paragraph 23, as well as in Government Decree No. 17, dated January 16, 2019 \u201dOn the determination of other public or private companies important to the public interest due to the nature of their business, size, or number of employees.\" This group of economic units includes:
\n1. all economic units listed on the stock exchange;
\n2. banks and branches of foreign banks, as well as other non-bank financial institutions, licensed by the Bank of Albania;
\n3. insurance and reinsurance companies, collective investment fund management companies, voluntary pension fund management companies;
\n4. Other public or private companies that are important to the public interest, due to the nature of their business, their size, or the number of their employees, as determined by a Government Decree.
\nAccording to the Council of Ministers' Decision, in the fourth group of the above classification, those economic units that simultaneously meet the following are also considered NJEIP:
\na) the criteria for being audited; as well as
\nb) the criterion(s) regarding nature, size, or number of employees (one criterion is sufficient):
\ni. a company in which the state has a capital stake;
\nii. societies that have more than 50% of their income from public funds;
\niii. companies operating as branches, whose parent company is listed on an exchange;
\niv. companies that provide a public good in their commercial activities and are subject to the regulators of the relevant field. The list of regulators is approved and updated by the Public Oversight Board in October of each year.
\nv. a company that, for two consecutive years, has total revenue from economic activity (turnover) in that accounting period equal to or greater than 1,500,000,000 Lek (one billion five hundred million lek);
\nvi. a company that, for two consecutive years, has total assets on the balance sheet at the end of the accounting period equal to or greater than 750,000,000 Lek (seven hundred fifty million Lek)
\nvii. companies that, at the end of the accounting period, have more than 250 employees;
\nviii. companies that, for the entire accounting period, have an average number of employees of more than 250.<\/p>\n
The term \u201cequity interest\u201d means rights in the capital of other economic units. However, ownership of a portion of another economic unit's capital is presumed to constitute an equity interest once it exceeds the 20 percent threshold. Ownership of a smaller stake implies \u201eother financial investments\" in securities, equity instruments.<\/p>\n
The functional currency is the currency of the primary economic environment in which the economic entity operates. Under Law No. 25\/2018, economic units are allowed to keep their accounting in the currency in which the majority of their economic activities take place, regardless of whether it may differ from the presentation currency.<\/p>\n
Person responsible for preparing financial statements \u2013 The economic unit may maintain its accounting and prepare financial statements within the unit through its technical staff employed under employment contracts, or it may secure this service from outside the unit.
\nIn the first case, an individual employed under a work contract by the economic unit to maintain accounting records and prepare financial statements is not prohibited from holding a second job. The only limitation in this case is the definition provided in the Labor Code regarding the allowed number of working hours per week.
\nIn the second case, the unit enters into a service contract for the provision of accounting services with a natural or legal person licensed to provide this service. Accounting services may be provided by natural or legal persons licensed as certified accountants\/accounting firms or statutory auditors\/auditing firms. The provisions governing the rights and obligations of KM and AL are enshrined in Law No. 10091 of March 5, 2009 \u201cOn Legal Audit, the Organization of the Profession of the Legal Auditor and the Authorized Accountant,\u201d as amended.<\/p>\n
Article 4 \u2013 Categories of economic units and groups<\/strong>
\nAs part of the transposition of the EU Accounting Directive (Dir 34\/2013) into the new accounting law, thresholds for the classification of business entities for financial reporting purposes have been established. These thresholds differ from those set for tax purposes (income tax legislation) or for macroeconomic purposes (Law No. 10,042 of December 22, 2008 on certain amendments and additions to Law No. 8,957, dated October 17, 2002, on small and medium-sized enterprises, as amended).
\nThe law provides that for the classification of units, two of the three specified thresholds are sufficient, meaning that each has equal weight. We recall that in the previous classification under Law No. 10042 \u201cOn the Classification of Small and Medium Enterprises,\u201d the employee headcount threshold was one of the defining criteria, while the other criterion was the threshold for either turnover or activity revenue. Also, to classify the economic unit, the thresholds set forth in this law must be met for two consecutive years. For example, if at the end of the 20X0 reporting period the economic unit is classified, based on the indicators of turnover, assets, and employees, as a small economic unit, but in 20X1 and 20X2 it meets the criteria for a medium-sized enterprise, then it must prepare financial statements on a consolidated basis (1-\u201cwas classified as a micro economic unit, then in 20X1 and 20X2 it continues to prepare financial statements under IFRS for SMEs (1\u201314), while in 20X3 it will maintain accounting and prepare financial statements in accordance with IFRS for SMEs 15 \u201dFor the accounting and reporting of micro-entities.\".
\nThe same principle applies in other cases as well, e.g., an economic unit that has applied SNRFs from 20X0 to 20X5 and in 20X6-20X7 meets the criteria for applying SKKs, According to the requirements provided by law, it will continue to apply the SNRFs in 20X6\u201320X7 in order to transition to applying the SKKs from 20X8 onward. The transition from IFRS to GAAP will require explanatory notes explaining the differences arising from the transition to GAAP. Since there is no specific national standard for the initial application of IFRS, the accounting policies provided by IFRS will be applied prospectively.
\nThe new law also provides for the classification of economic groups. However, in the case of groups there is a specific requirement in the classification. If the group classification is carried out before performing eliminations of intra-group transactions, then the limits provided in this law must be increased by 20%. If the elimination of intra-group transactions (in the context of preparing the group's consolidated financial statements) has been completed, then the classification thresholds are those set out in Article 4, paragraph 2, of the Accounting Law.
\nThe law states that the classification thresholds for economic units\/groups will be adjusted proportionally every three years until, in 2028, they reach the levels set out in EU Directive 34\/2013. This means that the economic unit\/group must be reclassified again at the beginning of 2022, 2025, and 2028. On those dates, the rule provided in paragraph 5 of Article 4 of the Accounting Law does not apply. The classification will be made using the information obtained from the 2021, 2024, and 2027 statements, respectively, for the turnover, assets, and number of employees.<\/p>\nArticle 5 \u2013 Accounting standards applicable to the preparation of financial statements<\/strong>
\nEconomic entities, for the most part, apply IFRS in the preparation of their financial statements. National accounting standards are applicable to micro, small, and medium economic units, except in cases where they are public interest entities operating in certain sectors specified in this law.
\nSNRFs are applied by public-interest economic units and by the regulators of certain public-interest economic units (those operating in the lending sector, such as the Bank of Albania, and in the insurance sector, such as the Financial Supervisory Authority). Large economic entities apply the SNRFs because they are considered public interest economic entities.
\nExcluded from the obligation to report under the SNRF are all economic units designated by a decision of the Council of Ministers as important to the public interest. (NjEIP) due to the nature of their business, size, or number of employees, BUT which do not exceed at least two of the criteria set out in Article 4, paragraph 1.3 of the Accounting Law:
\na) asset, 750 million lek;
\nb) income from economic activity (turnover), 1,500 million lek;
\nc) the average number of employees during the reporting period, 250.<\/p>\nThey are not included among the group of units exempt from the obligation to implement SNRFs, regardless of their size or number of employees:
\na) all economic units listed on the stock exchange;
\nb) banks and branches of foreign banks, as well as other non-bank financial institutions licensed by the Bank of Albania;
\nc) insurance and reinsurance companies, collective investment fund management companies, voluntary pension fund management companies;<\/p>\n
All economic units, except those legally required to apply SNRFs, may apply them on a voluntary basis when preparing their financial statements. Thus, the law allows but does not require the application of IFRSs even by entities that are required to apply GAAP.<\/p>\n
Chapter II<\/strong><\/p>\nGeneral Provisions on Accounting Documents and Financial Statements<\/strong><\/p>\nArticle 6 \u2013 Keeping accounting records<\/strong>
\nEconomic units, depending on the standards they apply in preparing their financial statements, refer to BSNK or KKK regarding the accounting principles, methods, and guidelines they apply. The KKK is not authorized to issue interpretations of the SNRFs. Economic units turn to the KKK for interpretations of events or transactions solely for the purposes of the SKKs.<\/p>\nArticle 8 \u2013 Retention of accounting documents<\/strong>
\nThe law provides that accounting documents must be retained for a period of ten years. The calculation of this period begins with the period that starts after the date of closing of the financial statements in which those accounting documents are included. The economic unit's financial statements are kept at the location where it conducts its activities or at its central office, unless otherwise provided by law.
\nThe consolidated financial statements are kept at the headquarters of the parent economic unit. The term \u201cheadquarters\u201d refers to the definition provided in the fiscal legislation. Since the document retention period begins in the year following the document's date, there is no conflict with the practice of businesses that may keep documents during the year in the offices of the person responsible for preparing the financial statements, when this service is provided by an external party to the economic unit.<\/p>\nArticle 9 \u2013 Reporting Period<\/strong>
\nThe reporting period lasts 12 months, beginning on January 1 and ending on December 31. Exemptions for special activities, upon the proposal of the National Accounting Council, are approved by the minister responsible for finance. In some cases the duration may be longer or shorter than 12 months, but not less than three months and not more than 15 months. If the activity's duration is shorter than three months, then the information for that period is attached to the following or preceding period, as the case may be.
\nFor example, an economic unit is registered as an entity in the QKB at the beginning of the last quarter of 20X0. For this three-month reporting period, the entity does not prepare 20X0 financial statements but combines the information for this period with the 20X1 financial information by presenting a consolidated statement. The information in the 20X1 statement pertains to a 15-month period. By analogy, if the economic unit were to cease operations in the first quarter of 20X1, then the financial information for that quarter would not be presented separately but would be combined with the prior year's information for presentation in the 20X0 financial statements.
\nAlthough the fiscal regulation has established the 12-month period (January\u2013December) as the fiscal reporting period, a request for a longer or shorter financial reporting period does not conflict with the former. For the purposes of calculating taxable income, the economic unit makes the necessary calculations and adjustments to convert accounting income into taxable income.<\/p>\nArticle 10 \u2013 Language and monetary unit of accounting records and financial statements<\/strong>
\nAccounting records are kept in the Albanian language and amounts are expressed in the functional currency, regardless of whether the functional currency is the same as or different from the presentation currency. Meanwhile, the financial statements are presented in Albanian and the amounts are expressed solely in the presentation currency, which is the national monetary unit (leka). If the entity has business relationships or receives donations from foreign economic entities, meaning it has documents in a foreign language that evidence its relationships with foreign economic entities, then these documents must be translated into Albanian.
\nAccounting records, that is, the recording of transactions in these records, is done in one of the following two ways:
\n\u2013 in national currency units or in foreign currency units, when the latter is the functional currency; in the event that the records are kept in the foreign currency because the latter is the functional currency, then at the end of the reporting period the information is translated into the presentation currency, the national monetary unit, in compliance with the requirements of the accounting standards (GAAP \u2013 GAAP 12, p. 30 or IFRS \u2013 IFRS 21, p. 39).
\nAccording to the IASBs\/IFRSs, the results and financial position of an economic entity whose functional currency is not the currency of a hyperinflationary economy shall be translated into a different presentation currency by following the procedures below:
\n(a) Assets and liabilities of each financial position statement presented (i.e., including comparative amounts) shall be translated using the closing exchange rate on the date of that financial position statement.;
\n(b) the revenues and expenses of each statement presenting the results and other comprehensive income (i.e., including comparative amounts) shall be translated at the exchange rate on the date the transaction is executed; and
\n(c) all differences arising from the exchange will be recognized in the statement of comprehensive income.<\/p>\n\u2013 in foreign monetary units, converting them into the national monetary unit or into the functional currency, if the functional currency is different from the national monetary unit and the foreign currency; In this case, the economic entity records each foreign currency transaction in the national currency or in the functional currency by applying the immediate exchange rate between the national\/functional currency and the foreign currency on the date of the transaction. In the proper application of this legal requirement, the economic entity takes into account what is provided in the accounting standards (GAAP 12, p. 11 or IFRS 21, p. 21) for reporting foreign currency transactions in the functional currency.<\/p>\n
Financial statements may be presented in rounded figures, provided this does not result in a loss of information that would affect the users of these statements.<\/p>\n
Chapter III<\/strong>
\nComponents of Financial Statements<\/strong><\/p>\nArticle 12 \u2013 Consolidated Financial Statements<\/strong>
\nAt point 3 of this article, it is provided that the parent economic unit and all units controlled by it must be included in the consolidation, regardless of where the controlled units operate or where their seats are located. Also, in IAS 9, pages 33\u201343 (2015) and in IFRS 10, page 33, the principle is the same: the accounting standards do not provide for any cases in which a controlled entity may be excluded from consolidation in the financial statements of the parent entity. Whereas in the EU Accounting Directive, Dir 34\/2013, in Article
\nArticle 23.9(c) provides for the exclusion of parent undertakings from the obligation to consolidate subsidiaries operating in jurisdictions with long-term, stringent restrictions on rights over assets or their management. This requirement of the Directive is taken into account in the amendment made to IFRS 9, adopted by Order No. 28 of January 30, 2019, of the Minister responsible for finance.<\/p>\nArticle 13 Components of Financial Statements<\/strong>
\nEconomic units classified as \u201esmall\" prepare the statement of financial position, the statement of income and expenses, and the explanatory notes to the financial statements. To complete these statements, small business entities refer to IFRS for Small and Medium-sized Entities (IFRS for SMEs) 2 Presentation of Financial Statements. If the economic entity, classified as a small entity, is a public interest entity that is required to apply IFRSs or voluntarily elects to apply IFRSs, then for the preparation of its financial statements it refers to those standards.
\nEconomic units classified as \u201emedium,\u201e \u201elarge,\" as well as \"of public interest,\" In addition to the statements required in paragraph 1 of this article, they also prepare the statement of comprehensive income, the statement of cash flows, and the statement of changes in equity. Depending on the standards they apply (national or international), they prepare and present the annual financial statements.
\nEconomic units classified as \u201cmicro\u201d prepare the abbreviated statement of financial position and the abbreviated statement of income and expenses in accordance with the requirements of IFRS for Small and Medium-Sized Entities (IFRS for SMEs). \u201cFor the Accounting and Reporting of Micro Entities,\u201d as amended (2019). These statements are also accompanied by the relevant explanatory notes. According to IFRS 15, paragraph 5, micro-entities with annual revenue of up to 5 million leks are exempt from the obligation to prepare annual financial statements in accordance with the requirements of this standard. These micro-entities comply with the provisions of the applicable fiscal legislation for their filings. In cases where an economic entity, by virtue of the criteria, is classified as a microenterprise but is a financial holding company, it does not apply IFRS 15 but is governed by the legislation in force for non-bank financial institutions.
\nNon-profit economic units (OJF), as defined in this law as economic units that do not have the purpose of generating profits from their activities to be distributed to investors in their net assets, prepare the statement of financial position, the statement of activities, the statement of cash flows, and the explanatory notes to these statements. Referring to the SKK for NGOs, paragraph 26, those NGOs whose assets or revenues exceed 5 million lek\u00eb apply accrual accounting and prepare all financial statements in accordance with the paragraph of this Standard, while NGOsthat do not meet this criterion apply cash\u2010basis accounting and prepare only the statement of cash flows, accompanied by explanatory notes regarding the type of activities or services they provide.<\/p>\nArticle 14 Special adjustments to the statement of financial position<\/strong>
\nPoint 1 \u2013 According to the IFRS, development expenses, if they are not part of the cost of another asset that meets the recognition criteria, are treated as expenses in the period in which they occur. According to IFRSs, however, these expenditures, if they meet the criteria set out in paragraphs 54\u201362 of IAS 38, are treated as an asset item. When development expenses are included among assets, the economic entity, when deciding on profit distribution, takes into account whether this asset element has been fully amortized or not. If this asset element has not been fully depreciated, the distribution of profit is made to the extent that the remaining portion of retained earnings plus reserves equals the undepreciated cost of this asset (Dir 34\/2013, Article 12, paragraph 11, third subparagraph).<\/p>\nExample
\nEconomic unit A recognized in July 20X1 an intangible asset (development costs) in the amount of 1.8 million lek, in accordance with the requirements of IFRS 38. In the financial statements for the 20X1 period there are no reserves or retained earnings from prior periods. The economic unit has decided to depreciate the asset over a 10-year period on a straight-line basis. In years 20X1\u201320X5 the economic unit's earnings were 4, 5, 3, 3, and 2 million lek, respectively. The tax rate is 15%. The dividend policy has been to distribute the entire profit. How have the distributions and reserves been calculated for the years 20X1\u201320X5?
\nNote! For this example, it will be assumed that accounting profit and taxable profit are equal.<\/p>\n
Depreciation calculation of the intangible asset (development costs) for the years 20X1\u201320X5<\/p>\n
No. Beginning Period Value Depreciation Ending Period Value
\n1 1,800,000 90,000 1,710,000
\n2 1,710,000 180,000 1,530,000
\n3 1,530,000 180,000 1,350,000
\n4 1,350,000 180,000 1,170,000
\n5 1,170,000 180,000 990,000<\/p>\n
Distributions and reserves for the years 20X1\u201320X5<\/p>\n
No
\nProfit before tax<\/p>\n
Tax
\nNet profit to be distributed Development costs (AAJM) of
\nunamortized<\/p>\n
Dividend
\nCalculation of profit to be distributed (paid dividend)
\n0 1 2=1*15% 3=1-2 4 5 6
\n1 4,000,000 600,000 3,400,000 1,710,000 1,690,000 1,690,000
\n= 3,400,000 -1,710,000<\/p>\n
2
\n5,000,000
\n750,000
\n4,250,000
\n1,530,000
\n4,430,000 4,430,000
\n= 1,710,000 + 4,250,000 \u2013
\n1,530,000<\/p>\n
3
\n3,000,000
\n450,000
\n2,550,000
\n1,350,000
\n2,730,000 2,730,000
\n= 1,530,000 + 2,550,000 \u2013
\n1,350,000<\/p>\n
4
\n3,000,000
\n450,000
\n2,550,000
\n1,170,000
\n2,730,000 2,730,000
\n= 1,350,000 + 2,550,000 \u2013
\n1,170,000
\n5 2,000,000 300,000 1,700,000 990,000 1,880,000 1,880,000
\n= 1,170,000 + 1,700,000 \u2013 900,000<\/p>\n
Net profit earned in 5 years: 14,145,000 (3,400,000 + 4,250,000 + 2,550,000 + 2,550,000 +
\n1,700,000)
\nDividends paid (cumulative) over 5 years: 13,460,000 (1,690,000 + 4,430,000 + 2,730,000 +
\n2,730,000 + 1,880,000)
\nDifference between net profit and dividends paid over the 5-year period: 990,000 (14,450,000 \u2013 13,460,000). This difference equals the remaining value of development costs (AAJM) at the end of the fifth year (990,000 lek\u00eb).<\/p>\n
Point 2 \u2013 In cases where the economic entity has investments in equity and uses the equity method for their recognition and measurement, then it is likely that the income recognized in the statement of profit or loss from the investment will exceed the dividend received or for t\"to be received from the investment.\" In cases where the income recognized as interest on the investment exceeds the amount of dividends received or to be received, the difference is held in reserves, meaning it is not distributed to shareholders.<\/p>\n
Example
\nEconomic unit A has investments in equity participation in economic unit B, amounting to 351,000 lek. Unit A has chosen the equity method for measuring these investments. For the year 20X1, economic unit B reported a profit of 200,000 lek. Economic unit A makes an adjusting entry in its accounting by recognizing in the income statement an income from equity investments equal to 35% of the profit reported by economic unit B, i.e., in the amount of 70,000 lek. The dividend received by economic unit A from its equity investments in economic unit B amounts to 40,000 lek, which is less than the income this unit recognized as profit from equity investments. The difference of 30,000 lek\u00eb will be transferred to reserves. Therefore, a revenue from equity investments of 40,000 lek\u00eb will be reported in PASH, and the remaining amount of 30,000 lek\u00eb will be reported in other comprehensive income.<\/p>\n
The other example for guiding the implementation of paragraph 2 of Article 14 is provided in Annex 2 of this commentary.<\/p>\n
Article 15 Inventory of Assets and Liabilities<\/strong>
\nEconomic units, at least once during the reporting period (primarily at the end of the reporting period), verify the existence and value of their assets, liabilities, and equity. The inventory of physical assets is carried out not only by counting them but also by comparing their physical quantities with the accounting records, which have been documented in the relevant accounting records. Meanwhile, the inventory of non-physical assets and liabilities is carried out by verifying their existence with confirmations from the parties involved or by other means deemed appropriate by the management of the economic unit. The valuation of assets, liabilities, and equity items is carried out in accordance with the requirements of national or international accounting and financial reporting standards. To standardize the procedures for verifying the existence and valuing of assets, liabilities, and equity items, the KKK drafts the inventory regulation.<\/p>\nResponsibility for following inventory procedures rests with the management body, which includes all department heads, including the head of the accounting department. In economic units where accounting services are provided by licensed natural or legal persons under a service contract, the responsibilities are set forth in the contract between the parties.
\nNote!
\n1. The executive body is the body charged with the management\/administration of the company, depending on the company's legal form;
\n2. Governing bodies refer to the body that has the responsibility for managing or administering the company or has decision-making authority for the company's benefit, depending on the company's legal form or organizational structure. Often the governing body may coincide with the executive body.;
\n3. The supervisory body is the body entrusted with overseeing the company's activities.<\/p>\n
Article 16 Explanatory Notes<\/strong>
\nIn the financial statements published in accordance with IFRS 2, as well as in the requirements set out in the International Financial Reporting Standards for the presentation of financial statements, the statement items are presented in a prescribed order accompanied by the numbers of the main categories and their subcategories. According to this arrangement of the financial statement items, the explanatory notes for those items are also arranged.
\nAll business entities, regardless of their classification, must provide in the explanatory notes the average number of employees during the reporting period. For profit-making economic units, providing this information also serves, among other things, to monitor the financial statements, since the number of employees is one of the three criteria for classifying units. The classification of the entity determines the applicable accounting and financial reporting standards, except when the economic entity is a public interest entity.
\nProfit-generating economic units, excluding micro and small ones (unless the latter are not economic units of public interest), must present in the explanatory notes to the financial statements, in addition to what is required by accounting and financial reporting standards, the following information:<\/p>\n1) if the provision of this information would not result in identifying the financial situation of a specific member of these bodies, the economic unit submits;
\na) the total amount of salaries paid for the reporting period to the members of the executive, management, and supervisory bodies, indicating the total amount paid to each of those bodies;
\nb) any commitment arising from or assumed by the economic unit in connection with the pensions of former members of these bodies;<\/p>\n
2) Regarding employees, the economic unit details this information in:
\na) the average number of employees, which is presented broken down by employee categories;
\nb) personnel costs during the reporting period, which are presented broken down by salaries, social security and pension costs (for cases where PASH is prepared on a functional basis, i.e., personnel costs are not presented separately in the statement of income and expenses for the reporting period).<\/p>\n
3) the name and address for each of the economic units in which the economic unit, either itself or through a person acting on its behalf but for the account of the economic unit, holds a participation interest, indicating the percentage of the capital owned, the amount of capital and reserves and the profit or loss for the most recent reporting period of the economic unit in question for which the financial statements have been approved. Ownership of a portion of the capital of another economic unit is presumed to constitute a participation interest when it exceeds the 20 percent threshold.<\/p>\n
As stated above, it is not applied by the parent economic unit in cases where:
\ni) the business entity in which the parent business entity holds an equity interest is included in the consolidated financial statements prepared by the parent business entity or in the consolidated financial statements of a larger group of business entities;
\nii) this participation interest has been treated by the parent economic unit in its annual financial statements;<\/p>\n
c) the existence of any participation certificates, convertible debt, share purchase rights, options or securities or similar rights, indicating their number and the rights they confer;
\nd) the name, registered office, and legal form of each economic unit in which the economic unit is a general partner;
\ndh) the name and registered office of the economic entity that prepares the consolidated financial statements of the largest group of economic entities, to which the entity belongs as a controlled entity;
\ne) the name and address of the economic unit that prepares the consolidated financial statements of the smaller group of economic units, to which the economic unit belongs as a controlled entity that is included, as well as in the group of economic entities referred to in subparagraph \u201cdh\u201d of this point;
\ne) the place where copies of the consolidated financial statements referred to in paragraphs (d) and (e) of this item may be obtained, provided they are available.<\/p>\n
Medium, large, and public interest entities, in addition to the requirements provided for in paragraphs 2 and 3 of this article or in the applicable accounting standards, must present in the explanatory notes the total fees for the reporting period, requested by each statutory auditor or audit firm in connection with the statutory audit of the annual financial statements, and the total fees charged by each statutory auditor or audit firm for assurance services, for tax advisory services, and for other non-audit services.<\/p>\n
Article 17 Progress Report on Activities<\/strong>
\nThe obligation to prepare the progress report and other supplementary reports is presented schematically as follows:<\/p>\nPerformance report, non-financial report, internal governance report
\nEconomic units of public interest
\n\u221a \u221a
\n(over 500 employees) \u221a
\n(excluding small and medium-sized)
\nLarge economic units \u221a \u221a
\n(over 500 employees) \u221a
\nMedium economic units \u221a<\/p>\n
Small economic units \u2013
\n(provided that they include in the explanatory notes information on purchasing their own shares)<\/p>\n
\u2013<\/p>\n
\u2013
\nMicronits \u2013 \u2013 \u2013
\nNonprofit economic units \u221a \u2013 \u2013<\/p>\n
3. Exempted from the obligation to prepare the activity progress report:
\na) micronits;
\nb) small economic units, provided that they disclose in the explanatory notes the data on the purchase of their own shares;
\nc) non-profit economic units for which the figures for assets and revenues in the financial statements do not exceed the amount of 30 million lek\u00eb.<\/p>\n
Article 21 \u2013 Reporting of payments made to state institutions
\nThis article provides that they are required to draft and publish an annual report on payments made to state institutions:
\n1. all large economic units; and<\/p>\n
2. those economic units of public interest that are active in the extractive industry or in the harvesting of forest timber.
\nThis report shall be submitted together with the other reports required by the provisions of this law. The public-interest economic unit active in the extractive industry or in the harvesting of forest timber is treated as a large economic unit, regardless of its revenue, assets, or average number of employees during the reporting period.
\nThe report must present, in aggregate and in detail, for each type of payment made to state institutions, as provided in point 4(b) of Article 21.<\/p>\n
Article 22 \u2013 Filing and publication of financial statements<\/strong>
\nAll profit-making economic units submit their financial statements and other reports (as provided by law) to the QBK, in accordance with applicable regulations, no later than July 31 of the year following the financial statements. Medium and large economic units, as well as those of public interest, are required to publish their financial statements and accompanying reports (as provided by law) on their official websites within seven months of the following year's financial statements.
\nParent economic units submit to the QKB and publish on their official websites the consolidated financial statements accompanied by the consolidated reports in accordance with Articles 17, 18, and 19 of this law.
\nNonprofit economic entities (NPEs) submit their financial statements to the tax authorities within the deadlines provided for in the Law \u201cOn Tax Procedures in the Republic of Albania.\u201d.
\nIn cases where the amount of assets and income in the financial statements exceeds 30 million lek\u00eb, NGOs must publish their financial statements on their official website no later than July 31 of the year following the financial statements. NGOs publish on their website, together with the financial statements, the performance report, the format of which is prepared by the KKK.<\/p>\nAppendix 1<\/strong><\/p>\nEXAMPLE: TRANSLATION OF FINANCIAL STATEMENTS INTO THE PRESENTATION CURRENCY<\/strong><\/p>\nEconomic unit ABC was established on January 1, 20X0. Its functional currency is the euro. Since its owners want to increase bank borrowing from a bank in a foreign country, they prepare the financial statements in the currency of the country where the foreign bank operates, namely the U.S. dollar. The economic unit's financial statements for the years 20X0 and 20X1, prepared in the functional currency, euro, are as follows:<\/p>\n
Statement of Financial Position as of December 31, 20X0<\/p>\n
Description 20X1 20X0
\nEuro Euro
\nMonetary instruments 494,200
\nCollectible amounts 300 200
\nInventory 150 250
\nLand, building, machinery and equipment 840 870
\nTotal assets 1,784 1,520<\/p>\n
Affordable usage: 160,100
\nLiabilities to the state 99,126
\n259 226<\/p>\n
Share capital 1,000 1,000
\nUndivided profits 525,294
\n1,525 1,294<\/p>\n
Total liabilities and equity 1,784 1,520<\/p>\n
Statement of Comprehensive Income as of December 31, 20X0<\/p>\n
Description 20X1
\nEuro 20X0
\nEuro
\nReceipts 700 800
\nCost of goods sold (200) (250)
\nGross profit 500,550
\nDistribution costs (90) (80)
\nAdministrative expenses (80) (50)
\nProfit before taxes 330,420
\nIncome tax expenses (99) (126)
\nNet profit 231,294<\/p>\n
Statement of Cash Flows as of December 31, 20X0<\/p>\n
Description 20X1
\nEuro 20X0
\nEuro
\nFlows from exploitation activities
\nCollected from customers 600 600
\nPaid to suppliers and employees (180) (500)
\nMM generated from exploitation activity 420,100
\nPaid income tax (126) \u2013
\nNet flows from exploitation activity 294,100
\nFlows from investment activities
\nThe amount paid for the purchase of an AAM \u2013 (900)<\/p>\n
There are no flows from financing activities.<\/p>\n
Net increase (decrease) in MM and their equivalents 294 (800)
\nMM and their equivalents at the beginning of the period: 200, 1,000
\nMM and their equivalents at the end of the period 494,200<\/p>\n
Statement of Changes in Equity as of December 31, 20X0<\/p>\n
Description Share capital Retained earnings Total
\nEuro Euro
\nBalance as of January 1, 20X0 1,000 \u2013 1,000
\nProfit for 20X0 294 294
\nBalance as of December 31, 20X0 1,000 294 1,294
\nProfit for 20X1 231,231
\nBalance as of December 31, 20X1 1,000 525 1,525<\/p>\n
Additional information:<\/p>\n
The spot exchange rates have been as follows:<\/p>\n
Course Date<\/p>\n
January 1, 20X0 1 Euro = 2 USD
\nDecember 31, 20X0 1 Euro = 1.95 USD
\nDecember 31, 20X1 1 Euro = 2.1 USD
\nAverage exchange rate: 2000 EUR = 2.11 USD
\nAverage exchange rate 20X1: 1 Euro = 1.79 USD
\nOn the date of payment of the income tax, 1 Euro = 2.05 USD.
\nOn the date of purchase and payment of AAM, 1 Euro = 1.9 USD.<\/p>\n
Net assets at opening, January 1, 20X0 = \u20ac1,000<\/p>\n
For simplicity, the same average is used to translate the consolidated statements of comprehensive income and cash flow (excluding income tax paid and the amount paid for the acquisition of AAM).<\/p>\n
Wanted:
\nTranslate the financial statements for 20X0 and 20X1 of the economic unit ABC from the functional currency, the euro, into the presentation currency, the U.S. dollar.
\nAnswer \u2013<\/p>\n
Translation into the presentation currency of the statement of financial position<\/p>\n
Voice description: Euro rate, USD; Euro rate, USD
\n20X1 20X0
\nLong-term assets 840 2.1 1,764 870 1.95 1,696.5
\nInventory 150 2.1 315 250 1.95 487.5
\nCollectible 300 2.1 630 200 1.95 390
\nMonetary instruments 494 2.1 1,037.4 200 1.95 390
\nTotal assets 1784 3,746.4 1520 2,964.0<\/p>\n
Affordable 160 2.1 336 100 1.95 195
\nTax 99 2.1 207.9 126 1.95 245.7
\nTotal liabilities 259,543.9 226,440.7<\/p>\n
Share capital 1,000 2 2,000 1,000 2 2,000
\nConversion difference reserve n\/a 169 n\/a (97)
\nUndivided profit 525 1,033.8 294 2.11 620.3
\nTotal capital 1,525 3,202.5 1,294 2,523.3<\/p>\n
Total liabilities and equity 1,784 3,746.4 1,520 2,964<\/p>\n
Translation into the presentation currency of the comprehensive income statement<\/p>\n
Voice description: Euro rate, USD; Euro rate, USD
\n20X1 20X0
\nRevenues 700 1.79 1,253 800 2.11 1,688
\nCost of sales (200) 1.79 (358) (250) 2.11 (528)
\nGross profit 500,895,550 1,161
\nDistribution costs (90) 1.79 (161.1) (80) 2.11 (168.8)
\nAdministrative expenses (80) 1.79 (143.2) (50) 2.11 (105.5)
\nProfit before taxes 330,590.7 420,886.2
\nProfit tax expense (99) (177.2) (126) (265.9)
\nNet profit 231,413.5 294,620.3<\/p>\n
Other comprehensive income
\nExchange difference in currency translation n\/a 265.7 n\/a (97)<\/p>\n
Total comprehensive income 231,679.2 294,523.3<\/p>\n
Calculation of differences from changes in currency exchange rates<\/p>\n
Description 20X1 20X0
\nEuro Euro
\nRecalculation of net asset value from the opening statement to the closing statement.
\nNet assets at opening, translated at the opening rate 2,523.3 2,000
\nNet assets at opening, translated at the closing rate 2,717.4 1,950
\nDifference (194.1) 50<\/p>\n
Recalculation of profit from the average rate to the closing rate.
\nProfit converted at the average rate of 413.5 620.3
\nProfit translated at the closing rate 485.1 573.3
\nDifference (71.6) 47
\nTotal of exchange rate change differences (265.7) 97<\/p>\n
Translation into the presentation currency of the statement of cash flows of monetary instruments<\/p>\n
Voice description: Euro rate, USD; Euro rate, USD
\n20X1 20X0
\nFlux from exploitation activities
\nCollections from customers 600 1.79 1,074 600 2.11 1,266
\nPayable to suppliers and employees (180) 1.79 (322.2) (500) 2.11 (1,055)
\nMM generated from exploitation activities 420,751.8 100,211
\nIncome tax paid (126) 2.05 (258.3)
\nNet operating income from exploitation activities 294,493.5 100 211.0<\/p>\n
Flows from investment activities
\nAmount paid for the purchase of an AAM (900) 1.9 (1,710)
\nNet cash from investing activities (900) (1,710)<\/p>\n
Cash flows from financing activities
\nIssue of shares 1,000 2 2,000
\nNet income from financing activities 1,000 2,000<\/p>\n
Net increase (decrease) in millions or their equivalents 294 494 200 501
\nMM and their equivalents at the beginning of the period 200 1.95 390
\nUnrealized losses from currency rate changes, in MM or their equivalents.
\nNot applicable
\n153.9
\nNot applicable
\n(111)
\nMM and their equivalents at the end of the period 494 2.1 1,037.4 200 1.95 390<\/p>\n
Share capital Reserves from exchange rate changes
\nUndistributed profits<\/p>\n
Total
\nUnited States dollar United States dollar United States dollar United States dollar
\nBalance as of January 1, 20X0 2,000 2,000
\nTotal comprehensive income 20X0 (97) 620.3 523.3
\nBalance as of December 31, 20X0 2,000 (97) 620.3 2,523.3<\/p>\n
Total comprehensive income 20X1 265.7 413.5 679.2
\nAs of December 31, 20X1 2,000 168.7 1,033.8 3,202.5<\/p>\n
Annex 2 \u2013 Referred to in Article 14, paragraph 2<\/strong><\/p>\nIt is assumed that economic unit A has an equity investment in the capital of economic unit B amounting to 25%. The capital of unit B is valued at 20,000 euros. Thus, the initial investment in the equity participation is \u20ac5,000 (20,000 \u00d7 25%). Economic unit A classifies this item under investments in equity participations.<\/p>\n
Individual balance sheets of economic units A and B as of December 31, 20X0.<\/p>\n
Economic Unit A Economic Unit B
\nEuro Euro
\nShort-term assets 50,000 0
\nFinancial investments (at B) 5,000 0
\nAAM 60,000 20,000
\nTotal activity 115,000 20,000
\nAffordable 75,000 0
\nCapital and reserves 40,000 20,000
\nShares 24,000 20,000
\nReserve 0 0
\nUndistributed profit 16,000 0
\nTotal capital and liabilities 115,000 20,000<\/p>\n
Initial data on the profit\/loss of economic units A and B for the 20X1 fiscal year.<\/p>\n
Economic unit A: Euro Economic unit B: Euro
\nSales revenue 100,000 40,000
\nCost of sales 80,000 28,000
\nIncome from investments in participation 3,000 0
\nNet profit 23,000 12,000<\/p>\n
Initial data on the profit\/loss of economic units A and B for the 20X2 fiscal year.<\/p>\n
Economic unit A: Euro Economic unit B: Euro
\nSales revenue 120,000 50,000
\nCost of sales 100,000 30,000
\nIncome from investments in participation 5,000 0
\nNet profit 25,000 20,000<\/p>\n
Year 20X1 \u2013 Economic Unit A<\/p>\n
At the end of 20X1, economic unit A adjusts the value of its financial investment in B by the percentage of B's profit. (This adjustment may be made by referring to the published financial statements of Entity B, or to the minutes of Entity B's shareholders' meeting approving those statements, or to other means of communication as agreed between Parties A and B). Assuming that the financial statements of economic unit B are published before the financial statements of economic unit A are published, the latter makes the adjustment in the following year but it affects the 20X1 statements.
\n1) Adjustment of the investment in the financial statements of economic unit A by the percentage of economic unit B's declared profit.<\/p>\n
D Financial investment 3,000 (12,000 * 25%)
\nK Income from investments in participations 3,000<\/p>\n
2) During the year 20X1, economic unit A did not receive dividends from its investment in economic unit B, so the income recognized from investments in equity investments will be presented by economic unit A as retained earnings and will not be available for distribution to shareholders.<\/p>\n
D Undistributed profit 3,000
\nK Reserve 3,000<\/p>\n
Income and expense statement for economic unit A in December 20X1<\/p>\n
Description of Euro sounds
\nSales revenue 100,000
\nCost of sales 80,000
\nGross profit 20,000
\nIncome from investment participation 3,000
\nNet profit 23,000<\/p>\n
Statement of Financial Position for Economic Unit A as of December 20X1<\/p>\n
Euro
\nShort-term assets 70,000
\nFinancial investments (5,000 + 3,000) 8,000
\nAAM 60,000
\nTotal activity 138,000
\nAffordable $75,000
\nCapital and reserve 63,000
\nShares 24,000
\nReserve 3,000
\nRetained earnings (16,000 + 23,000 \u2013 3,000) 36,000
\nTotal capital and liabilities 138,000<\/p>\n
Thus, the undistributed profit of economic unit A for the year 20X1 consists of undistributed profits carried over from previous periods in the amount of 16,000 euros, plus the current year's profit of \u20ac23,000 and minus the amount allocated to reserves of \u20ac3,000, represented by the difference between income from equity investments and the dividends received from those investments.<\/p>\n
Year 20X2 \u2013 Economic Unit A<\/p>\n
Suppose that in July 20X2, economic unit B declared dividends at the rate of 60% on the declared profit for 20X1. From the calculations, it appears that the dividends to be distributed by economic unit B will amount to \u20ac7,200 (12,000 \u00d7 60%). The declared dividend was paid in full by B in 20X2, and the economic unit records the following accounting entry for the dividend received:<\/p>\n
3) Recognition of dividends from the participation investment, declared for the year 20X1 in the amount of \u20ac1,800 (7,200 \u00d7 25 %), based on the minutes of the meeting of the partners' assembly of economic unit B.<\/p>\n
Other receivables 1,800
\nK Financial investments 1,800<\/p>\n
4) Recording of dividends received<\/p>\n
D Monetary instruments 1,800
\nOther collectibles 1,800
\n5) Reduction of reserves in the amount of dividends received D Reserve 1,800
\nK Undistributed profit 1,800<\/p>\n
Then the value of the financial investment will be adjusted based on the gain secured in 20X2 by economic unit B. Assume the same situation: economic unit B publishes its financial statements before economic unit A publishes its financial statements, so A records the transactions related to the equity investment in its 20X2 statements.<\/p>\n
6) The investment value is adjusted by the percentage of economic unit B's profit in 20X2 (20,000 * 25%)<\/p>\n
D Financial investment 5,000
\nK Income from investments in participations 5,000<\/p>\n
7) Since dividends have not yet been received at this time, this amount should be reflected in reserves on the statement of financial position.<\/p>\n
D Undistributed profit (20X2) 5,000
\nK Reserve 5,000<\/p>\n
Thus, the investment value as of December 31, 20X2 will be \u20ac11,200 (5,000 + 3,000 \u2013 1,800 + 5,000), and the reserve will be \u20ac6,200 (3,000 \u2013 1,800 + 5,000).<\/p>\n
Statement of income and expenses of economic unit A for December 20X2<\/p>\n
Economic Unit A Euro
\nSales revenue 120,000
\nCost of sales 100,000
\nGross profit 20,000
\nIncome from investment participation 5,000
\nNet profit 25,000<\/p>\n
Statement of Financial Position of Economic Unit A as of December 20X2<\/p>\n
Euro
\nShort-term assets 91,800
\nFinancial investments (5,000 + 3,000) 11,200
\nAAM 60,000
\nTotal activity 163,000<\/p>\n
Affordable $75,000
\nCapital and reserve 88,000
\nShares 24,000
\nReserve 6,200
\nUndistributed profit
\n(36,000 + 25,000 + 1,800 \u2013 5,000) 57,800
\nTotal capital and liabilities 163,000<\/p>\n
Source: National Accounting Council.<\/a><\/p>","protected":false},"excerpt":{"rendered":"Publikohet nga K\u00ebshilli Komb\u00ebtar i Kontabilitetit (KKK), Komentari, n\u00eb zbatim t\u00eb Ligjit 25\/2018; Shkarko dokumentin e plot\u00eb k\u00ebtu K O M E N T A R LIGJ Nr. 25\/2018 P\u00cbR KONTABILITETIN DHE PASQYRAT FINANCIARE Ligji 25, dat\u00eb 10.05.2018 \u201cP\u00ebr kontabilitetin dhe pasqyrat financiare\u201d p\u00ebrcakton parimet dhe rregullat e p\u00ebrgjithshme p\u00ebr hartimin dhe p\u00ebrb\u00ebr\u00ebsit e pasqyrave […]<\/p>\n","protected":false},"author":1,"featured_media":5336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[139,96,106,109],"class_list":["post-5334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-accounting","tag-keshilli-kombetar-i-kontabilitetit-kkk","tag-pasqyra-financiare","tag-sherbime-kontabiliteti","tag-zyre-kontabiliteti"],"yoast_head":"\n
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