The Parliamentary Committee on Budget, Labor, and Transfers has officially approved the report and amendments for the Draft Law amending and supplementing the Law on Accounting, Financial Reporting, and Auditing.
The decision passed unanimously with six votes in favor, zero against, and no abstentions, signaling strong legislative support for modernizing Kosovo’s financial oversight framework.
Three Pillars of the New Legislation
Minister of Finance, Hekuran Murati, outlined the three primary objectives of the proposed changes, which aim to increase transparency and professional standards in the financial sector:
- Redefining Accounting Associations: The bill updates the criteria for what constitutes an accounting association and introduces requirements for membership in the International Federation of Accountants (IFAC) or equivalent global bodies. This move aims to align Kosovo’s professional organizations with international standards.
- Digital Financial Reporting: In a significant push for modernization, the bill mandates the submission of financial statements in digital format. This transition is expected to streamline the reporting process, reduce administrative burdens, and significantly improve the accuracy of financial data.
- Enhanced Disciplinary Measures: The legislation addresses previous gaps in regulatory oversight by clarifying disciplinary actions, including the suspension or revocation of licenses. These measures are designed to enforce higher discipline among auditors and ensure that legal audits strictly adhere to professional criteria.
Legislative Progress
The Chairman of the Budget Committee, Enver Haliti, noted that the amendments approved today were largely textual and technical in nature, aimed at refining the clarity of the law before its final reading.
This financial bill is viewed as a crucial step for Kosovo’s business environment, providing better security for investors and ensuring that the country’s auditing practices remain robust and conform to European standards.
