The central aim of “FINancial management, Accounting and Controlling for capacity building of public administration” (FINAC) project application is contribute to the higher quality of budgeting, money management, finance management, accounting and control, in Albanian and Serbian public administration. This aim will be achieved throughout meeting specific objectives:- Designing and developing three new master degree programmes in Serbia and two new master degree programmes in Albania in the field of financial management, accounting and controlling for capacity building of public administration in Albania and Serbia,- Provision of trainings at university centers/institutes for public administration employees in Serbia,- Modernization of one master degree programee in the field of public financial management in Serbia.The project team will undertake a range of activities that will contribute to meeting these specific objectives. Thus FINAC project will contribute to the better quality of financial management, accounting and controlling in the public administration. That will be possible to measure through: knowledge/competencies of public administrators at positions of financial, accounting, auditing and control managers; precise and visible budget formulated in line with national legal framework; level of cash liquidity in public administration; financial management that defines responsibilities and power in public administration; accounting statements reflecting internal and external standards that are in line with policy documents in public administration and throughout financial control procedures that are in line with controlling policy for documentation in public administration. The project will contribute to the better controlling procedure and higher level of transparency of finance and accounting in public administration according to national priorities, as well principles of the EU accession of the regional countries.