Preparatory Workshop held for the implementation of Financial Reporting in the Insurance Sector – IFRS 17: CBK committed to advancing financial reporting standards

The Central Bank of the Republic of Kosovo (CBK) in cooperation with the World Bank – Centre for Financial Reporting and Sustainability Reforms (CFRR), is organizing a preparatory workshop on the topic “Strengthening Financial Reporting in the Insurance Sector: Considering IFRS Requirements, Including IFRS 17.”

The workshop began with opening remarks from the Governor of CBK, Mr. Ahmet Ismaili, and World Bank representative, Mr. Besart Myderrizi, who emphasized the importance of institutional partnership in advancing the regulatory framework. Mr. Scott, an international consultant engaged by the World Bank for this project, brings deep expertise on the challenges and approaches to the effective implementation of IFRS 17.

This workshop marks an additional step toward preparing for the implementation of the new Financial Reporting Standard – IFRS 17 “Insurance Contracts”, which, along with Solvency II requirements, represents one of the most comprehensive reforms in the history of financial reporting in the insurance sector. These are expected to be implemented starting in 2026.

The preparatory workshop aims to strengthen the professional capacities of CBK staff, insurance companies, and other relevant authorities involved in implementing the international IFRS 17 standard, through the exchange of practical knowledge and experiences from both local and international experts, ensuring effective implementation planning.

Participants in this event include representatives from the Albanian Financial Supervisory Authority, the Kosovo Council for Financial Reporting (KKFR), insurance companies, certified accountants’ associations, and CBK staff, all engaged in gaining advanced knowledge for a successful transition to IFRS 17.

The program is supported by the World Bank and contributing institutions under the Enhancing Accounting, Auditing and Sustainability Reporting Program (EAASURE), including the Austrian Ministry of Finance, the Swiss State Secretariat for Economic Affairs (SECO), and the Austrian Development Cooperation (ADA).

This activity aligns with the strategic objectives of the CBK, which include: strengthening financial sustainability and stability through improved regulatory and supervisory frameworks; increasing professional capacity in the insurance sector; and modernizing market infrastructure to foster competition, transparency, and the trust of investors and citizens.

The CBK expresses gratitude for the continued support in building institutional and professional capacities and remains committed to leading this reform process to further develop the insurance market and ensure financial stability.