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), 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.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2004-10-19
Subjects:	ACCOUNTANCY, ACCOUNTANTS, ACCOUNTING, ACCOUNTING FRAMEWORK, ACCOUNTING POLICIES, ACCOUNTING PRINCIPLES, ACCOUNTING RECORDS, ACCOUNTING STANDARDS, ACCOUNTS, AUDIT COMMITTEE, AUDIT REPORTS, AUDITED FINANCIAL STATEMENTS, AUDITING, AUDITING STANDARDS, AUDITOR INDEPENDENCE, AUDITS, AUTONOMY, BANKING SECTOR, BANKS, BOARD MEMBERS, BOOKKEEPING, BUSINESS ENTERPRISE, BUSINESS ENTERPRISES, BUSINESS ETHICS, CAPITAL MARKETS, CAPITALIZATION, CASH FLOW STATEMENT, CERTIFIED ACCOUNTANTS, CHIEF ACCOUNTANT, CIVIL LIABILITY, COLLECTIVE, COMPANY, COMPANY LAW, COMPANY LAW DIRECTIVE, COMPANY LAW DIRECTIVES, CONFLICTS OF INTEREST, CONSOLIDATED FINANCIAL STATEMENTS, CORPORATE MANAGERS, CORRESPONDENT BANKS, COST OF CAPITAL, DEBT, DISCIPLINARY SYSTEM, DISCIPLINARY SYSTEMS, DISCLOSURE REQUIREMENTS, EXCHANGE COMMISSION, EXTERNAL AUDITORS, FINANCIAL INFORMATION, FINANCIAL REPORTING, FINANCIAL REPORTING STANDARDS, FINANCIAL REPORTS, FINANCIAL STATEMENT, FINANCIAL STATEMENTS, GENERAL PARTNERSHIPS, GOOD PRACTICES, INDEPENDENCE REQUIREMENTS, INDEPENDENT AUDIT, INDEPENDENT AUDIT COMMITTEE, INDIVIDUALS, INSURANCE, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE, INVENTORY, JOINT STOCK COMPANIES, LARGE COMPANIES, LAWS, LEGAL ENTITY, LEGAL FRAMEWORK, LEGISLATION, LIMITED, LIMITED LIABILITY, LIMITED LIABILITY COMPANIES, LIMITED PARTNERSHIPS, MANDATES, MEMBER STATES, MINISTRIES OF FINANCE, MONOPOLY, NATIONAL BANK, NUMBER OF SHAREHOLDERS, PENALTIES, PERSONS, PRIVATE BANKS, PRIVATIZATION, PROFESSIONAL ORGANIZATION, PROXY, PRUDENTIAL REQUIREMENTS, PUBLIC COMPANIES, QUALITY ASSURANCE, QUALITY CONTROL, RECENT CORPORATE SCANDALS, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REGULATORY REGIME, SALES, SAVINGS, SHAREHOLDERS, SMALL COMPANIES, SOLE PRACTITIONER, SOLE PRACTITIONERS, STAKEHOLDER, STAKEHOLDERS, STATUTORY AUDITORS, STOCK EXCHANGE, SUBSIDIARIES, TAXATION, UNION,
Online Access:	http://documents.worldbank.org/curated/en/2004/10/7447472/bosnia-herzegovina-report-observance-standards-codes-rosc-accounting-auditing https://hdl.handle.net/10986/14528
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