FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update

This assessment of accounting and auditing requirements and practices in Former Yugoslav Republic (FYR) Macedonia is part of a joint initiative implemented by the World Bank and the International Monetary Fund to prepare reports on the observance o...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	2015
Subjects:	ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOANS BANKING ASSETS BANKING LAW BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BARRIERS TO ENTRY BONDS BROKERAGE BUSINESS ADMINISTRATION BUSINESS COMMUNITIES BUSINESS LAW CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY COLLATERAL COMMERCIAL BANKS COMPANY LAW COMPLIANCE COSTS COMPLIANCE GAP CONSOLIDATED FINANCIAL STATEMENTS CONSUMER PROTECTION CORPORATE GOVERNANCE COST OF CAPITAL CREDIT CARDS CREDIT INSTITUTIONS CREDIT LINES CURRENCY CURRENT LIABILITY DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS DOMESTIC MARKET ECONOMIC DEVELOPMENT EMPLOYMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWER EQUIPMENT EXCHANGE COMMISSION FACTORING FAIR VALUE FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INTERESTS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GOOD PRACTICE GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCES INFORMATION SYSTEM INFORMATION TECHNOLOGY INITIAL PUBLIC OFFERING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTERNAL AUDIT INTERNAL AUDITING INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTOR CONFIDENCE IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANY LARGE CITIES LAWS LEGISLATION LENDER LIMITED LIABILITY LLC LOAN LOCAL ENTERPRISES MACROECONOMIC POLICIES MANDATES MARKET CAPITALIZATION MARKET ECONOMY MICRO ENTERPRISES MICROENTERPRISES MONETARY FUND NON-PERFORMING LOANS OPERATING LEASES OPERATING LOSSES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PRODUCTIVITY PROFITABILITY PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTING PUBLIC INVESTMENT PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK RETURN RISK MANAGEMENT RULE OF LAW SAVINGS SECURITIES SECURITIES MARKET SELF-REGULATION SHAREHOLDER SHAREHOLDERS SHORT-TERM LIQUIDITY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUBSIDIARY SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPERVISORY BOARD TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TURNOVER VALUATION
Online Access:	http://documents.worldbank.org/curated/en/2014/09/24381413/former-yugoslav-republic-fyr-macedonia-report-observance-standards-codes-accounting-auditing-update http://hdl.handle.net/10986/21873

id	okr-10986-21873
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOANS BANKING ASSETS BANKING LAW BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BARRIERS TO ENTRY BONDS BROKERAGE BUSINESS ADMINISTRATION BUSINESS COMMUNITIES BUSINESS LAW CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY COLLATERAL COMMERCIAL BANKS COMPANY LAW COMPLIANCE COSTS COMPLIANCE GAP CONSOLIDATED FINANCIAL STATEMENTS CONSUMER PROTECTION CORPORATE GOVERNANCE COST OF CAPITAL CREDIT CARDS CREDIT INSTITUTIONS CREDIT LINES CURRENCY CURRENT LIABILITY DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS DOMESTIC MARKET ECONOMIC DEVELOPMENT EMPLOYMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWER EQUIPMENT EXCHANGE COMMISSION FACTORING FAIR VALUE FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INTERESTS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GOOD PRACTICE GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCES INFORMATION SYSTEM INFORMATION TECHNOLOGY INITIAL PUBLIC OFFERING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTERNAL AUDIT INTERNAL AUDITING INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTOR CONFIDENCE IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANY LARGE CITIES LAWS LEGISLATION LENDER LIMITED LIABILITY LLC LOAN LOCAL ENTERPRISES MACROECONOMIC POLICIES MANDATES MARKET CAPITALIZATION MARKET ECONOMY MICRO ENTERPRISES MICROENTERPRISES MONETARY FUND NON-PERFORMING LOANS OPERATING LEASES OPERATING LOSSES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PRODUCTIVITY PROFITABILITY PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTING PUBLIC INVESTMENT PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK RETURN RISK MANAGEMENT RULE OF LAW SAVINGS SECURITIES SECURITIES MARKET SELF-REGULATION SHAREHOLDER SHAREHOLDERS SHORT-TERM LIQUIDITY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUBSIDIARY SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPERVISORY BOARD TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TURNOVER VALUATION
spellingShingle	ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOANS BANKING ASSETS BANKING LAW BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BARRIERS TO ENTRY BONDS BROKERAGE BUSINESS ADMINISTRATION BUSINESS COMMUNITIES BUSINESS LAW CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY COLLATERAL COMMERCIAL BANKS COMPANY LAW COMPLIANCE COSTS COMPLIANCE GAP CONSOLIDATED FINANCIAL STATEMENTS CONSUMER PROTECTION CORPORATE GOVERNANCE COST OF CAPITAL CREDIT CARDS CREDIT INSTITUTIONS CREDIT LINES CURRENCY CURRENT LIABILITY DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS DOMESTIC MARKET ECONOMIC DEVELOPMENT EMPLOYMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWER EQUIPMENT EXCHANGE COMMISSION FACTORING FAIR VALUE FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INTERESTS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GOOD PRACTICE GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCES INFORMATION SYSTEM INFORMATION TECHNOLOGY INITIAL PUBLIC OFFERING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTERNAL AUDIT INTERNAL AUDITING INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTOR CONFIDENCE IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANY LARGE CITIES LAWS LEGISLATION LENDER LIMITED LIABILITY LLC LOAN LOCAL ENTERPRISES MACROECONOMIC POLICIES MANDATES MARKET CAPITALIZATION MARKET ECONOMY MICRO ENTERPRISES MICROENTERPRISES MONETARY FUND NON-PERFORMING LOANS OPERATING LEASES OPERATING LOSSES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PRODUCTIVITY PROFITABILITY PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTING PUBLIC INVESTMENT PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK RETURN RISK MANAGEMENT RULE OF LAW SAVINGS SECURITIES SECURITIES MARKET SELF-REGULATION SHAREHOLDER SHAREHOLDERS SHORT-TERM LIQUIDITY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUBSIDIARY SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPERVISORY BOARD TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TURNOVER VALUATION World Bank FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
geographic_facet	Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
relation	Report on the Observance of Standards and Codes (ROSC);
description	This assessment of accounting and auditing requirements and practices in Former Yugoslav Republic (FYR) Macedonia is part of a joint initiative implemented by the World Bank and the International Monetary Fund to prepare reports on the observance of standards and codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing (A and A) environment that influences the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. The assessment also considers the extent of compliance with European Union (EU) requirements under the acquis communautaire. The strategic objective of this report is to support government efforts to improve the business climate in FYR Macedonia, and achieve the country s overarching goal of EU integration. The three essential pillars of institutional infrastructure are: (i) adequate and appropriate legal requirements, (ii) capacity sufficient to implement those requirements, and (iii) effective enforcement mechanisms. This report updates the first ROSC A and A prepared in 2003. This report provides policy recommendations to improve financial transparency in the domestic corporate sector and to strengthen accounting and audit practices in line with international benchmarks and EU Directives.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
title_short	FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
title_full	FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
title_fullStr	FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
title_full_unstemmed	FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update
title_sort	fyr macedonia : report on the observance of standards and codes on accounting and auditing, update
publishDate	2015
url	http://documents.worldbank.org/curated/en/2014/09/24381413/former-yugoslav-republic-fyr-macedonia-report-observance-standards-codes-accounting-auditing-update http://hdl.handle.net/10986/21873
_version_	1764449503946997760
spelling	okr-10986-218732021-04-23T14:04:05Z FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update World Bank ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING ACCOUNTING POLICIES ACCOUNTING REFORM ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTS AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDIT STANDARDS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK FINANCING BANK LOANS BANKING ASSETS BANKING LAW BANKING SECTOR BANKING SECTOR ASSETS BANKING SYSTEM BARRIERS TO ENTRY BONDS BROKERAGE BUSINESS ADMINISTRATION BUSINESS COMMUNITIES BUSINESS LAW CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY COLLATERAL COMMERCIAL BANKS COMPANY LAW COMPLIANCE COSTS COMPLIANCE GAP CONSOLIDATED FINANCIAL STATEMENTS CONSUMER PROTECTION CORPORATE GOVERNANCE COST OF CAPITAL CREDIT CARDS CREDIT INSTITUTIONS CREDIT LINES CURRENCY CURRENT LIABILITY DEPOSIT DEPOSITS DISCLOSURE REQUIREMENTS DOMESTIC MARKET ECONOMIC DEVELOPMENT EMPLOYMENT ENFORCEMENT MECHANISMS ENFORCEMENT POWER EQUIPMENT EXCHANGE COMMISSION FACTORING FAIR VALUE FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INTERESTS FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GOOD PRACTICE GOOD PRACTICES GOVERNMENT BUDGET GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HOLDING HUMAN RESOURCES INFORMATION SYSTEM INFORMATION TECHNOLOGY INITIAL PUBLIC OFFERING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTERNAL AUDIT INTERNAL AUDITING INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARD INTERNATIONAL STANDARDS INVESTMENT CLIMATE INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTOR CONFIDENCE IPO JOINT STOCK COMPANIES JOINT-STOCK COMPANY LARGE CITIES LAWS LEGISLATION LENDER LIMITED LIABILITY LLC LOAN LOCAL ENTERPRISES MACROECONOMIC POLICIES MANDATES MARKET CAPITALIZATION MARKET ECONOMY MICRO ENTERPRISES MICROENTERPRISES MONETARY FUND NON-PERFORMING LOANS OPERATING LEASES OPERATING LOSSES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO INVESTMENT PRODUCTIVITY PROFITABILITY PRUDENTIAL REQUIREMENTS PUBLIC ACCOUNTING PUBLIC INVESTMENT PUBLIC SERVICES QUALITY ASSURANCE QUALITY CONTROL REGULATORY FRAMEWORK RETURN RISK MANAGEMENT RULE OF LAW SAVINGS SECURITIES SECURITIES MARKET SELF-REGULATION SHAREHOLDER SHAREHOLDERS SHORT-TERM LIQUIDITY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUBSIDIARY SUPERVISORY AGENCY SUPERVISORY AUTHORITY SUPERVISORY BOARD TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TRADING TRANSPARENCY TURNOVER VALUATION This assessment of accounting and auditing requirements and practices in Former Yugoslav Republic (FYR) Macedonia is part of a joint initiative implemented by the World Bank and the International Monetary Fund to prepare reports on the observance of standards and codes (ROSC). The assessment focuses on the strengths and weaknesses of the accounting and auditing (A and A) environment that influences the quality of corporate financial reporting, and includes a review of both statutory requirements and actual practice. The assessment also considers the extent of compliance with European Union (EU) requirements under the acquis communautaire. The strategic objective of this report is to support government efforts to improve the business climate in FYR Macedonia, and achieve the country s overarching goal of EU integration. The three essential pillars of institutional infrastructure are: (i) adequate and appropriate legal requirements, (ii) capacity sufficient to implement those requirements, and (iii) effective enforcement mechanisms. This report updates the first ROSC A and A prepared in 2003. This report provides policy recommendations to improve financial transparency in the domestic corporate sector and to strengthen accounting and audit practices in line with international benchmarks and EU Directives. 2015-05-12T15:59:31Z 2015-05-12T15:59:31Z 2014-09 Report http://documents.worldbank.org/curated/en/2014/09/24381413/former-yugoslav-republic-fyr-macedonia-report-observance-standards-codes-accounting-auditing-update http://hdl.handle.net/10986/21873 English en_US Report on the Observance of Standards and Codes (ROSC); CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Economic & Sector Work Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)

FYR Macedonia : Report on the Observance of Standards and Codes on Accounting and Auditing, Update

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