Report on the Observance of Standards and Codes on Accounting and Auditing Update : Republic of Serbia

Report on the Observance of Standards and Codes on Accounting and Auditing Update : Republic of Serbia

This report on observance of standards and codes in accounting and auditing (ROSC A & A) provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors of Serbia an...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Vienna 2016
Subjects:	INTERNATIONAL ACCOUNTING STANDARDS EXTERNAL AUDITORS GOOD PRACTICE EMPLOYMENT CAPITAL MARKETS FINANCIAL SERVICES ACCOUNTING EARNINGS PER SHARE CREDIT APPROVAL FINANCIAL MANAGEMENT PRINCIPAL GOOD PRACTICES PUBLIC DISCLOSURE SALES INTEREST COMMERCIAL ENTERPRISES DEPRECIATION LAWS FACTORING GUARANTEES PRIVATIZATION DEPRECIABLE ASSETS NET REALIZABLE VALUE INDUSTRY SERVICES ACCOUNTING FRAMEWORK TAX COLLECTION SELLING IMPACT ASSESSMENT FINANCIAL STATEMENTS INCOME STATEMENTS CAPITAL ADEQUACY IMPACTS ACCOUNTING CURRICULUM DISTRIBUTION PRICING BUDGET CONSTRAINTS ACCRUALS OWNERSHIP PLANNING QUALITY BUDGETING ECONOMIC STABILITY VALUATION OF INVENTORIES MANAGEMENT REPORTS LEVEL PLAYING FIELD REPORTING CASH FLOWS MUNICIPALITIES AUDITS COST ACCOUNTING BUDGET FINANCIAL AUDITS NET PROFIT PUBLIC POLICY ILLIQUIDITY PENALTIES COST CONTROL AUDITORS’ REPORTS ACCOUNTING POLICIES PUBLIC ACCOUNTANTS PRODUCTIVITY INTEREST RATES FINANCIAL LEASING AUDIT RISK CRITERIA FINANCIAL INSTITUTIONS MARKETS DEBT FINANCIAL REPORTING STATE OWNED BANKS FINANCIAL CRISES LEGISLATION DEFICITS STATUTORY AUDITORS BUDGET DEFICIT BUDGET DEFICITS BUSINESS INFORMATION ACCOUNTING FIRMS CHARTS OF ACCOUNTS FINANCIAL YEARS LOANS LABOR ENTERPRISES INVENTORY FINANCIAL SYSTEM SUBSIDIES LEGAL FRAMEWORK ACCOUNT FINANCE ADMINISTRATIVE COSTS INFRASTRUCTURE TAXES BANKING SECTOR BANKS RESOURCES EQUITY AUDITED FINANCIAL STATEMENTS ACCOUNTANTS WAGES AUDITORS EXPENSES FINANCIAL STABILITY SUBSIDIARIES VALUE BANK CREDIT BUDGETS PUBLIC ENTERPRISES ACCOUNTANCY CAPITALIZATION MAINTENANCE FINANCIAL PERFORMANCE INTERNAL CONTROLS FOREIGN BANKS COST PERFORMANCE ANALYSIS ACCRUAL ACCOUNTING BALANCE SHEET AUDIT ENGAGEMENTS AUDIT REPORTS FINANCIAL REPORTING STANDARDS AUDITORS OPINIONS QUALITY CONTROL PUBLIC DEBT CONSOLIDATED FINANCIAL STATEMENTS SUBSIDIARY ADMINISTRATION GOVERNANCE INSURANCE BOOKKEEPING TAXATION PARENT COMPANIES PRUDENTIAL REQUIREMENTS ACCOUNTING STANDARDS BUSINESS RISK INTERNAL AUDIT AUDIT EVIDENCE ACCOUNTING TREATMENT BUSINESS PLANS TAX ADMINISTRATION COOPERATIVES REVENUE RISK MANAGEMENT LENDING ACCOUNTS BUSINESS RELATIONSHIPS QUALITY ASSURANCE AUDIT AUDITING STANDARDS MATURITIES KEY PERFORMANCE INDICATORS GOVERNMENTS ACCOUNTING RECORDS CIVIL SERVICE IMPLEMENTATION ECONOMIC CONDITIONS AUDITING FINANCIAL REPORTS CONSOLIDATION
Online Access:	http://documents.worldbank.org/curated/en/557921479710152064/Serbia-Report-on-the-Observance-of-Standards-and-Codes-ROSC-on-accounting-and-auditing-update http://hdl.handle.net/10986/25723

Description
Summary:	This report on observance of standards and codes in accounting and auditing (ROSC A & A) provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors of Serbia and sets forth areas of consideration with a view to improving the country’s institutional environment for corporate financial reporting. To assess Serbia’s compliance with standards and codes, this report uses international benchmarks of good practice, including international financial reporting standards (IFRS), international standards on auditing (ISA), the statements of membership obligations (SMO) of the international federation of accountants (IFAC), and - because Serbia is seeking accession to the European Union (EU) - relevant provisions of the EU acquis communautaire (the acquis) governing financial reporting. The assessment focuses on the strengths and weaknesses of the A and A environment that influence the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. It updates an earlier assessment published in 2005. ROSC A and A assess accounting and auditing practices in participating countries.

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