FYR Macedonia: Accounting and Auditing

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 requir...

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Bibliographic Details
Main Author: World Bank
Format: Accounting and Auditing Assessment (ROSC)
Language:English
en_US
Published: Washington, DC 2013
Subjects:
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
Online Access:http://documents.worldbank.org/curated/en/2003/06/6569553/macedonia-former-yugoslav-republic-report-observance-standards-codes-rosc-accounting-auditing
http://hdl.handle.net/10986/14422
Description
Summary: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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