Serbia and Montenegro - Republic of Serbia : Accounting and Auditing
This Report provides an assessment of accounting and auditing standards and practices in Serbia. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and draws on good practices in the field of accounting and audit regulation to asse...
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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2005/06/7457937/republic-serbia-serbia-montenegro-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8747 |
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okr-10986-8747 |
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| recordtype |
oai_dc |
| 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 |
ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PERIOD ACCOUNTING SOFTWARE ACCOUNTING STANDARDS ACCOUNTS ARTICLES OF INCORPORATION AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANKING LAW BANKS BUSINESS COMMUNITY CAPITAL ADEQUACY CAPITALIZATION CERTIFIED ACCOUNTANT CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS CHIEF ACCOUNTANT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVES CORPORATE GOVERNANCE DEPOSITS DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RECORDS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM GENERAL PARTNERSHIP GENERAL PARTNERSHIPS GOOD PRACTICE GOOD PRACTICES INDIVIDUALS INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES LAWS LEGAL ENTITIES LEGAL ENTITY LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY PARTNERSHIPS LIMITED PARTNERSHIPS LOAN CLASSIFICATION MANAGERS MEMBER STATES MERGER NATIONAL BANK NATURAL PERSONS NEW ENTRANTS NUMBER OF SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENSIONS PRIVATIZATION PROFESSIONAL BODY PUBLIC OFFERING PURCHASING QUALITY ASSURANCE REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK REPORTING RETIREMENT SECURITIES LAW SELLING SMALL BUSINESSES SMALLER COMPANIES SMALLER COMPANY SOCIETIES SOLE PRACTITIONERS SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES TAXATION UNION |
| spellingShingle |
ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PERIOD ACCOUNTING SOFTWARE ACCOUNTING STANDARDS ACCOUNTS ARTICLES OF INCORPORATION AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANKING LAW BANKS BUSINESS COMMUNITY CAPITAL ADEQUACY CAPITALIZATION CERTIFIED ACCOUNTANT CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS CHIEF ACCOUNTANT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVES CORPORATE GOVERNANCE DEPOSITS DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RECORDS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM GENERAL PARTNERSHIP GENERAL PARTNERSHIPS GOOD PRACTICE GOOD PRACTICES INDIVIDUALS INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES LAWS LEGAL ENTITIES LEGAL ENTITY LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY PARTNERSHIPS LIMITED PARTNERSHIPS LOAN CLASSIFICATION MANAGERS MEMBER STATES MERGER NATIONAL BANK NATURAL PERSONS NEW ENTRANTS NUMBER OF SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENSIONS PRIVATIZATION PROFESSIONAL BODY PUBLIC OFFERING PURCHASING QUALITY ASSURANCE REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK REPORTING RETIREMENT SECURITIES LAW SELLING SMALL BUSINESSES SMALLER COMPANIES SMALLER COMPANY SOCIETIES SOLE PRACTITIONERS SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES TAXATION UNION World Bank Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Europe and Central Asia Europe Serbia |
| description |
This Report provides an assessment of accounting and auditing standards and practices in Serbia. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and draws on good practices in the field of accounting and audit regulation to assess the quality of financial information and make policy recommendations. It highlights significant weaknesses in the quality of financial information, which are detrimental to sustainable economic growth and may allow systemic risks to perpetuate. Further, it highlights significant shortcomings in the legal and regulatory framework and stresses that addressing those should be a priority for Serbia in order to create a robust legal foundation for the provision of reliable financial information to market participants. Moreover, this Report demonstrates that legal requirements and competence alone are not enough - the commitment to deploy such competence is also essential. Market forces provide certain positive incentives to comply with high standards, but experience in Serbia (and developed economies) suggests that countervailing disincentives operate to discourage such compliance. More emphasis should be placed on the deterrent incentives of robust monitoring and enforcement regimes to achieve a full and balanced combination of capacity and incentives. The recommendations of this Report are mutually supportive in some obvious ways and require a holistic, multi-disciplinary approach to implementation. Also, the Report only sketches the policy recommendations to enhance the quality of corporate financial reporting. The Report strongly recommends that Serbia establishes a multidisciplinary National Steering Committee (NSC) for accounting and auditing reform to advise policymakers, regulators, and other stakeholders regarding the implementation of the recommendations. Finally, the Report recommends that the members of the NSC should include senior representatives of stakeholder institutions with adequate support staff to follow through on the substantial reform agenda ahead. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| title_short |
Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| title_full |
Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| title_fullStr |
Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| title_full_unstemmed |
Serbia and Montenegro - Republic of Serbia : Accounting and Auditing |
| title_sort |
serbia and montenegro - republic of serbia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2005/06/7457937/republic-serbia-serbia-montenegro-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8747 |
| _version_ |
1764405531711111168 |
| spelling |
okr-10986-87472021-04-23T14:02:40Z Serbia and Montenegro - Republic of Serbia : Accounting and Auditing World Bank ACCOUNT ACCOUNTANCY ACCOUNTANTS ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PERIOD ACCOUNTING SOFTWARE ACCOUNTING STANDARDS ACCOUNTS ARTICLES OF INCORPORATION AUDIT REPORTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANKING LAW BANKS BUSINESS COMMUNITY CAPITAL ADEQUACY CAPITALIZATION CERTIFIED ACCOUNTANT CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS CHIEF ACCOUNTANT COMPANY COMPANY LAW COMPANY LAW DIRECTIVE COMPANY LAW DIRECTIVES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION COOPERATIVES CORPORATE GOVERNANCE DEPOSITS DISCLOSURE REQUIREMENTS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RECORDS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM GENERAL PARTNERSHIP GENERAL PARTNERSHIPS GOOD PRACTICE GOOD PRACTICES INDIVIDUALS INFLATION INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES LAWS LEGAL ENTITIES LEGAL ENTITY LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY PARTNERSHIPS LIMITED PARTNERSHIPS LOAN CLASSIFICATION MANAGERS MEMBER STATES MERGER NATIONAL BANK NATURAL PERSONS NEW ENTRANTS NUMBER OF SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENSIONS PRIVATIZATION PROFESSIONAL BODY PUBLIC OFFERING PURCHASING QUALITY ASSURANCE REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK REPORTING RETIREMENT SECURITIES LAW SELLING SMALL BUSINESSES SMALLER COMPANIES SMALLER COMPANY SOCIETIES SOLE PRACTITIONERS SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK EXCHANGE STOCK EXCHANGES SUBSIDIARIES TAXATION UNION This Report provides an assessment of accounting and auditing standards and practices in Serbia. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks, and draws on good practices in the field of accounting and audit regulation to assess the quality of financial information and make policy recommendations. It highlights significant weaknesses in the quality of financial information, which are detrimental to sustainable economic growth and may allow systemic risks to perpetuate. Further, it highlights significant shortcomings in the legal and regulatory framework and stresses that addressing those should be a priority for Serbia in order to create a robust legal foundation for the provision of reliable financial information to market participants. Moreover, this Report demonstrates that legal requirements and competence alone are not enough - the commitment to deploy such competence is also essential. Market forces provide certain positive incentives to comply with high standards, but experience in Serbia (and developed economies) suggests that countervailing disincentives operate to discourage such compliance. More emphasis should be placed on the deterrent incentives of robust monitoring and enforcement regimes to achieve a full and balanced combination of capacity and incentives. The recommendations of this Report are mutually supportive in some obvious ways and require a holistic, multi-disciplinary approach to implementation. Also, the Report only sketches the policy recommendations to enhance the quality of corporate financial reporting. The Report strongly recommends that Serbia establishes a multidisciplinary National Steering Committee (NSC) for accounting and auditing reform to advise policymakers, regulators, and other stakeholders regarding the implementation of the recommendations. Finally, the Report recommends that the members of the NSC should include senior representatives of stakeholder institutions with adequate support staff to follow through on the substantial reform agenda ahead. 2012-06-22T13:34:07Z 2012-06-22T13:34:07Z 2005-06-24 http://documents.worldbank.org/curated/en/2005/06/7457937/republic-serbia-serbia-montenegro-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8747 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 Europe and Central Asia Europe Serbia |