FYR Macedonia: Accounting and Auditing
This report is on institutional arrangements for observing the International Accounting Standards (IAS) and International Standards on Auditing (ISA) in the Former Yugoslav Republic of Macedonia (FYR Macedonia). The current Trade Company Law requires all entities to comply with a translated 1999 volume of IAS. The Government is currently preparing a new Trade Company Law and has taken proactive steps to update the translation of IAS, which is expected to resolve existing deficiencies. In practice, compliance with IAS is not effectively enforced. Most of the financial statements reviewed by the ROSC team were of such poor quality as to preclude investors and other users from judging whether a company's securities were a sound investment; nor could the documents be relied on for other decision-making purposes. This report recommends that public interest entities be required to use IAS. It also recommends that small- and medium-size enterprises be allowed to use a reporting framework more adapted to their size. This report also recommends strengthening accounting standards enforcement mechanisms in order to enhance compliance with the law and provide investors and other users of financial statements with reliable financial reporting. Furthermore, drawing on recent international experience in developed economies and accession countries, this report recommends the establishment of a regime of delegated regulation of the auditing profession, subject to adequate oversight. The Government is currently preparing a new Audit Law that is expected to resolve existing deficiencies and be in conformity with the acquis communautaire (European Union law).
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dig-okr-10986144222024-08-08T17:13:11Z FYR Macedonia: Accounting and Auditing World Bank ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS This report is on institutional arrangements for observing the International Accounting Standards (IAS) and International Standards on Auditing (ISA) in the Former Yugoslav Republic of Macedonia (FYR Macedonia). The current Trade Company Law requires all entities to comply with a translated 1999 volume of IAS. The Government is currently preparing a new Trade Company Law and has taken proactive steps to update the translation of IAS, which is expected to resolve existing deficiencies. In practice, compliance with IAS is not effectively enforced. Most of the financial statements reviewed by the ROSC team were of such poor quality as to preclude investors and other users from judging whether a company's securities were a sound investment; nor could the documents be relied on for other decision-making purposes. This report recommends that public interest entities be required to use IAS. It also recommends that small- and medium-size enterprises be allowed to use a reporting framework more adapted to their size. This report also recommends strengthening accounting standards enforcement mechanisms in order to enhance compliance with the law and provide investors and other users of financial statements with reliable financial reporting. Furthermore, drawing on recent international experience in developed economies and accession countries, this report recommends the establishment of a regime of delegated regulation of the auditing profession, subject to adequate oversight. The Government is currently preparing a new Audit Law that is expected to resolve existing deficiencies and be in conformity with the acquis communautaire (European Union law). 2013-07-09T18:16:08Z 2013-07-09T18:16:08Z 2003-06-24 http://documents.worldbank.org/curated/en/2003/06/6569553/macedonia-former-yugoslav-republic-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14422 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain Washington, DC |
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Banco Mundial |
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Estados Unidos |
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US |
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Bibliográfico |
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En linea |
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dig-okr |
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biblioteca |
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America del Norte |
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Biblioteca del Banco Mundial |
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English en_US |
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ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS |
| spellingShingle |
ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS World Bank FYR Macedonia: Accounting and Auditing |
| description |
This report is on institutional
arrangements for observing the International Accounting
Standards (IAS) and International Standards on Auditing
(ISA) in the Former Yugoslav Republic of Macedonia (FYR
Macedonia). The current Trade Company Law requires all
entities to comply with a translated 1999 volume of IAS. The
Government is currently preparing a new Trade Company Law
and has taken proactive steps to update the translation of
IAS, which is expected to resolve existing deficiencies. In
practice, compliance with IAS is not effectively enforced.
Most of the financial statements reviewed by the ROSC team
were of such poor quality as to preclude investors and other
users from judging whether a company's securities were
a sound investment; nor could the documents be relied on for
other decision-making purposes. This report recommends that
public interest entities be required to use IAS. It also
recommends that small- and medium-size enterprises be
allowed to use a reporting framework more adapted to their
size. This report also recommends strengthening accounting
standards enforcement mechanisms in order to enhance
compliance with the law and provide investors and other
users of financial statements with reliable financial
reporting. Furthermore, drawing on recent international
experience in developed economies and accession countries,
this report recommends the establishment of a regime of
delegated regulation of the auditing profession, subject to
adequate oversight. The Government is currently preparing a
new Audit Law that is expected to resolve existing
deficiencies and be in conformity with the acquis
communautaire (European Union law). |
| topic_facet |
ACCOUNTABILITY ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITED FINANCIAL STATEMENTS AUDITING AUDITORS AUDITS BAD DEBT BAD DEBT LOSSES BALANCE SHEET BANKING SECTOR BANKING SYSTEM BANKS BONDS CAPITALIZATION CASH FLOW STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATION CORPORATE GOVERNANCE CORRESPONDENT BANKS CREDIT RISK DEPOSITS EVASION FINANCIAL ASSETS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS GROSS DOMESTIC PRODUCT INSURANCE INTANGIBLE ASSETS INTERNATIONAL ACCOUNTING STANDARDS LAWS LEGISLATION MANAGEMENT PRESENT VALUE PROVISIONING PROVISIONS PUBLIC SECURITIES SUBSIDIARIES SUBSIDIARY TAX TAXATION TRANSPARENCY WARRANTS |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
FYR Macedonia: Accounting and Auditing |
| title_short |
FYR Macedonia: Accounting and Auditing |
| title_full |
FYR Macedonia: Accounting and Auditing |
| title_fullStr |
FYR Macedonia: Accounting and Auditing |
| title_full_unstemmed |
FYR Macedonia: Accounting and Auditing |
| title_sort |
fyr macedonia: accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2003-06-24 |
| url |
http://documents.worldbank.org/curated/en/2003/06/6569553/macedonia-former-yugoslav-republic-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14422 |
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AT worldbank fyrmacedoniaaccountingandauditing |
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1807156973507969024 |