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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Language: | English en_US |
Published: |
Washington, DC
2013
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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 |
Summary: | 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. |
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