Journal of Public Administration, Finance and Law Issue 4/2013 148 ACCOUNTING AND FINANCIAL WEB REPORTING IN ALBANIA Rezart DEMIRAJ University of Tirana, Department of Accounting Rruga e Elbasanit, Tirana, Albania rezartdemiraj@feut.edu.al Rezarta SHKURTI (PERRI) University of Tirana, Department of Accounting Rruga e Elbasanit, Tirana, Albania rezartaperri@feut.edu.al rezartaperri@gmail.com Abstract: Recent technological changes have had a great impact on the accounting and financial environment. As other countries Albania has also been affected by developments such as the evolution towards using accounting information packages, financial web reporting, XBRL and cloud computing. Throughout this paper we try to analyze the current situation of accounting and financial reporting in Albania and the impact that the web reporting has had on the simplification of the accounting procedures. We present how tools such as cloud computing and XBRL have impacted the use of the accounting systems and also other reporting institutions in Albania. Describing the current development of cloud services we give information on the part of software vendors in Albania. We find that cloud computing has been used extensively not only by the private companies offering accounting infomations systems, but also by other companies in the public sector (i.e. education). On the other hand we find that XBRL, even though a promising technology, has not been gained great recognition in Albania and is currently not used by any on the institutions or companies, neither by institutions whose mission is to create extensive databases (such as the Registrar of the Companies) and which might benefit the most from this technology. Keywords: accounting software, information technology JEL classifications: M41, O30 1. INTRODUCTION Nowadays the technological innovation and the internet have affected virtually every aspect of human life. They also have impacted the way transactions are performed and the manner that the information on these transactions is reported. Advanced and complex systems of information and communication have radically changed the world. Every profession, accounting included, has changed because of the impact of technology. Accounting often referred to as the "information infrastructure of the entity" has been one of the first areas where internet and web have changed almost every aspect. It is probably the time, as the new century is still young, when the accountants must understand the changes and innovations that technology introduces in their profession embrace these changes and exploit them to enhance the expertise level. They should also be mindful of the important role they play as ―information suppliers‖ for other departments and