Croatia - Report on the Observance of Standards and Codes : Accounting and Auditing

This report provides an updated assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Croatia. It uses International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and the relevant portions of European Union (EU) law (also known as the acquis communautaire). Croatia has made considerable progress in developing its regulatory framework for corporate sector financial reporting and auditing since the publication of the first Accounting and Auditing (A&A) report on the observance of standards and codes (ROSC) in 2002. The alignment of the revised regulatory framework with the acquis communautaire has been significantly improved and lays the basis for reinforcing the institutional capacity for financial reporting and auditing. However, not all requirements of the relevant acquis have been introduced and further work is needed to achieve full compliance. The Croatian institutional framework has undergone several important changes. However, further capacity building relating to monitoring, enforcing, and strengthening supervision (except for banks) is needed to ensure proper application of IFRS and national accounting standards. This report concludes that Croatia should take further steps in order to achieve its goal of developing a robust financial reporting framework tailored to the needs of the Croatian market economy, and aligned with the acquis communautaire, international standards and best practices.

Bibliographic Details

Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC) biblioteca
Language:	English
Published:	Washington, DC 2007-10-01
Subjects:	ACCOUNT, ACCOUNTANCY, ACCOUNTANTS, ACCOUNTING, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING STANDARD, ACCOUNTING STANDARDS, ACCOUNTING TREATMENT, ACCOUNTS, ACQUISITION, ANNUAL RETURNS, AUDIT COMMITTEE, AUDIT COMMITTEES, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING PROFESSION, AUDITING STANDARDS, AUDITORS, AUDITS, AVERAGE GROWTH, BALANCE SHEET, BANK ACCOUNTS, BANK BRANCHES, BANK LOANS, BANK SUPERVISION, BANKING ASSETS, BANKING CRISIS, BANKING LAW, BANKING SECTOR, BEST PRACTICE, BEST PRACTICES, BONDS, BOOKKEEPING, BORROWING, BROKERAGE, BUSINESS ASSOCIATIONS, BUSINESS COMBINATIONS, BUSINESS OPERATIONS, BUSINESS PLAN, BUSINESS SCHOOLS, CAPACITY BUILDING, CAPITAL MARKET, CAPITAL MARKETS, CASH FLOW, CENTRAL DEPOSITORY, COMPANY LAW, COMPLIANCE GAP, CORPORATE GOVERNANCE, CREDIBILITY, CREDIT LOSSES, CREDITOR, CREDITOR RIGHTS, CREDITORS, CURRICULA, CURRICULUM, DEPOSIT, DEPOSIT HOLDERS, DEPOSIT INSURANCE, DEPOSITS, DISCLOSURE REQUIREMENTS, EARNINGS, EAST EUROPE, EDUCATION STANDARDS, ENFORCEMENT MECHANISM, ENFORCEMENT MECHANISMS, EQUIPMENT, EXCHANGE RATES, EXTERNAL DEBT, FAIR VALUE, FINANCIAL ASSET, FINANCIAL ASSETS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL POSITION, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL REPORTS, FINANCIAL SECTOR, FINANCIAL SECTORS, FINANCIAL SERVICES, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FOREIGN BANKS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INDEBTEDNESS, FOREIGN INVESTORS, FUND MANAGEMENT, FUTURE CASH FLOWS, FUTURE CREDIT, GOODWILL, GROSS DOMESTIC PRODUCT, INCOME, INFORMED DECISION, INSTITUTIONAL CAPACITY, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE MARKET, INTEREST RATE, INTEREST RATE SPREAD, INTERNAL AUDIT, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INTERNATIONAL BANKS, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL STANDARDS, INVESTMENT FUND, INVESTMENT FUNDS, ISSUANCE, JOINT STOCK COMPANIES, JOINT STOCK COMPANY, LACK OF TRANSPARENCY, LARGE COMPANIES, LEGAL ADVICE, LEGAL FRAMEWORK, LEVEL OF KNOWLEDGE, LIFE INSURANCE, LIMITED LIABILITY, LIMITED PARTNERSHIPS, LIVING STANDARDS, LOAN, MARKET CAPITALIZATION, MARKET DISCIPLINE, MARKET ECONOMY, MARKET SHARE, MATURITY, MONETARY FUND, MONEY MARKET, NATIONAL BANK, NON-PERFORMING LOAN, PENSION, PENSION BENEFITS, PENSION FUND, PENSION FUNDS, PENSION SYSTEM, POTENTIAL INVESTORS, PRESENT VALUE, PRIVATE BANKS, PRIVATIZATION INVESTMENT, PROVISION OF INFORMATION, PRUDENTIAL REGULATION, PUBLIC CONFIDENCE, PUBLIC INVESTMENTS, PURCHASING, PURCHASING POWER, QUALITY ASSURANCE, QUALITY CONTROL, QUALITY STANDARDS, REGULATORY FRAMEWORK, RESERVE, RESPONSIBILITIES, RETIREMENT, RETURNS, SALE, SAVINGS, SAVINGS BANKS, SECURITIES, SENIOR, SHARE CAPITAL, SHAREHOLDER, SHAREHOLDERS, SMALLER FIRM, SMALLER FIRMS, STAKEHOLDERS, STATUTORY AUDITORS, STATUTORY REQUIREMENTS, STOCK EXCHANGE, STOCK MARKETS, SUPERVISION OF PENSION FUNDS, SUPERVISORY AGENCY, SUPERVISORY AUTHORITY, SUPERVISORY BOARD, SUPERVISORY BOARDS, TAX, TRADE LIBERALIZATION, TRADING, TRAINING COURSES, TRAINING MATERIALS, TRAINING PROGRAM, TRANSPARENCY, TURNOVER, UNDERWRITERS, VOUCHER PRIVATIZATION, WITHDRAWAL, WORLD TRADE,
Online Access:	http://documents.worldbank.org/curated/en/2007/10/9353800/croatia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/7688
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