Bosnia and Herzegovina : Accounting and Auditing

This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bosnia and Herzegovina. It uses International Financial Reporting Standards (IFRS), Intern...

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Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITOR INDEPENDENCE AUDITS AUTONOMY BANKING SECTOR BANKS BOARD MEMBERS BOOKKEEPING BUSINESS ENTERPRISE BUSINESS ENTERPRISES BUSINESS ETHICS CAPITAL MARKETS CAPITALIZATION CASH FLOW STATEMENT CERTIFIED ACCOUNTANTS CHIEF ACCOUNTANT CIVIL LIABILITY COLLECTIVE COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATE MANAGERS CORRESPONDENT BANKS COST OF CAPITAL DEBT DISCIPLINARY SYSTEM DISCIPLINARY SYSTEMS DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS GENERAL PARTNERSHIPS GOOD PRACTICES INDEPENDENCE REQUIREMENTS INDEPENDENT AUDIT INDEPENDENT AUDIT COMMITTEE INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY JOINT STOCK COMPANIES LARGE COMPANIES LAWS LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS MANDATES MEMBER STATES MINISTRIES OF FINANCE MONOPOLY NATIONAL BANK NUMBER OF SHAREHOLDERS PENALTIES PERSONS PRIVATE BANKS PRIVATIZATION PROFESSIONAL ORGANIZATION PROXY PRUDENTIAL REQUIREMENTS PUBLIC COMPANIES QUALITY ASSURANCE QUALITY CONTROL RECENT CORPORATE SCANDALS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REGIME SALES SAVINGS SHAREHOLDERS SMALL COMPANIES SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES TAXATION UNION
Online Access:	http://documents.worldbank.org/curated/en/2004/10/7447472/bosnia-herzegovina-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14528

id	okr-10986-14528
recordtype	oai_dc
spelling	okr-10986-145282021-04-23T14:03:19Z Bosnia and Herzegovina : Accounting and Auditing World Bank ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITOR INDEPENDENCE AUDITS AUTONOMY BANKING SECTOR BANKS BOARD MEMBERS BOOKKEEPING BUSINESS ENTERPRISE BUSINESS ENTERPRISES BUSINESS ETHICS CAPITAL MARKETS CAPITALIZATION CASH FLOW STATEMENT CERTIFIED ACCOUNTANTS CHIEF ACCOUNTANT CIVIL LIABILITY COLLECTIVE COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATE MANAGERS CORRESPONDENT BANKS COST OF CAPITAL DEBT DISCIPLINARY SYSTEM DISCIPLINARY SYSTEMS DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS GENERAL PARTNERSHIPS GOOD PRACTICES INDEPENDENCE REQUIREMENTS INDEPENDENT AUDIT INDEPENDENT AUDIT COMMITTEE INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY JOINT STOCK COMPANIES LARGE COMPANIES LAWS LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS MANDATES MEMBER STATES MINISTRIES OF FINANCE MONOPOLY NATIONAL BANK NUMBER OF SHAREHOLDERS PENALTIES PERSONS PRIVATE BANKS PRIVATIZATION PROFESSIONAL ORGANIZATION PROXY PRUDENTIAL REQUIREMENTS PUBLIC COMPANIES QUALITY ASSURANCE QUALITY CONTROL RECENT CORPORATE SCANDALS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REGIME SALES SAVINGS SHAREHOLDERS SMALL COMPANIES SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES TAXATION UNION This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bosnia and Herzegovina. It uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law as benchmarks. This report shows that managers and auditors do not consistently comply with accounting and auditing requirements, which has an adverse impact on the economy. This report recommends significant changes to law and regulations to align the statutory framework with evolving internationally accepted practices, these changes include: strengthening the country's financial architecture and reducing the risk of financial market crises; contributing to foreign direct and portfolio investment and helping to mobilize domestic savings; facilitating the access of smaller-scale corporate borrowers; improving the assessment and collection of taxes on corporate profits; allowing investors to evaluate corporate prospects and make informed investment and voting decisions; allowing shareholders and the public at large to assess management performance; and facilitating Bosnia and Herzegovina's eventual integration into the European Union. 2013-07-24T17:09:19Z 2013-07-24T17:09:19Z 2004-10-19 http://documents.worldbank.org/curated/en/2004/10/7447472/bosnia-herzegovina-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14528 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Bosnia and Herzegovina
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITOR INDEPENDENCE AUDITS AUTONOMY BANKING SECTOR BANKS BOARD MEMBERS BOOKKEEPING BUSINESS ENTERPRISE BUSINESS ENTERPRISES BUSINESS ETHICS CAPITAL MARKETS CAPITALIZATION CASH FLOW STATEMENT CERTIFIED ACCOUNTANTS CHIEF ACCOUNTANT CIVIL LIABILITY COLLECTIVE COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATE MANAGERS CORRESPONDENT BANKS COST OF CAPITAL DEBT DISCIPLINARY SYSTEM DISCIPLINARY SYSTEMS DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS GENERAL PARTNERSHIPS GOOD PRACTICES INDEPENDENCE REQUIREMENTS INDEPENDENT AUDIT INDEPENDENT AUDIT COMMITTEE INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY JOINT STOCK COMPANIES LARGE COMPANIES LAWS LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS MANDATES MEMBER STATES MINISTRIES OF FINANCE MONOPOLY NATIONAL BANK NUMBER OF SHAREHOLDERS PENALTIES PERSONS PRIVATE BANKS PRIVATIZATION PROFESSIONAL ORGANIZATION PROXY PRUDENTIAL REQUIREMENTS PUBLIC COMPANIES QUALITY ASSURANCE QUALITY CONTROL RECENT CORPORATE SCANDALS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REGIME SALES SAVINGS SHAREHOLDERS SMALL COMPANIES SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES TAXATION UNION
spellingShingle	ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING STANDARDS AUDITOR INDEPENDENCE AUDITS AUTONOMY BANKING SECTOR BANKS BOARD MEMBERS BOOKKEEPING BUSINESS ENTERPRISE BUSINESS ENTERPRISES BUSINESS ETHICS CAPITAL MARKETS CAPITALIZATION CASH FLOW STATEMENT CERTIFIED ACCOUNTANTS CHIEF ACCOUNTANT CIVIL LIABILITY COLLECTIVE COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONFLICTS OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATE MANAGERS CORRESPONDENT BANKS COST OF CAPITAL DEBT DISCIPLINARY SYSTEM DISCIPLINARY SYSTEMS DISCLOSURE REQUIREMENTS EXCHANGE COMMISSION EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS GENERAL PARTNERSHIPS GOOD PRACTICES INDEPENDENCE REQUIREMENTS INDEPENDENT AUDIT INDEPENDENT AUDIT COMMITTEE INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY JOINT STOCK COMPANIES LARGE COMPANIES LAWS LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED PARTNERSHIPS MANDATES MEMBER STATES MINISTRIES OF FINANCE MONOPOLY NATIONAL BANK NUMBER OF SHAREHOLDERS PENALTIES PERSONS PRIVATE BANKS PRIVATIZATION PROFESSIONAL ORGANIZATION PROXY PRUDENTIAL REQUIREMENTS PUBLIC COMPANIES QUALITY ASSURANCE QUALITY CONTROL RECENT CORPORATE SCANDALS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REGIME SALES SAVINGS SHAREHOLDERS SMALL COMPANIES SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES TAXATION UNION World Bank Bosnia and Herzegovina : Accounting and Auditing
geographic_facet	Europe and Central Asia Bosnia and Herzegovina
description	This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Bosnia and Herzegovina. It uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law as benchmarks. This report shows that managers and auditors do not consistently comply with accounting and auditing requirements, which has an adverse impact on the economy. This report recommends significant changes to law and regulations to align the statutory framework with evolving internationally accepted practices, these changes include: strengthening the country's financial architecture and reducing the risk of financial market crises; contributing to foreign direct and portfolio investment and helping to mobilize domestic savings; facilitating the access of smaller-scale corporate borrowers; improving the assessment and collection of taxes on corporate profits; allowing investors to evaluate corporate prospects and make informed investment and voting decisions; allowing shareholders and the public at large to assess management performance; and facilitating Bosnia and Herzegovina's eventual integration into the European Union.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Bosnia and Herzegovina : Accounting and Auditing
title_short	Bosnia and Herzegovina : Accounting and Auditing
title_full	Bosnia and Herzegovina : Accounting and Auditing
title_fullStr	Bosnia and Herzegovina : Accounting and Auditing
title_full_unstemmed	Bosnia and Herzegovina : Accounting and Auditing
title_sort	bosnia and herzegovina : accounting and auditing
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/10/7447472/bosnia-herzegovina-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14528
_version_	1764429353333030912

Bosnia and Herzegovina : Accounting and Auditing

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