Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting
This note is prepared as part of the FSAP. Its main objective is to describe the status and recent developments in corporate financial reporting framework in Montenegro and highlight key issues relevant to financial sector. The note represents a te...
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/04/26187422/montenegro-corporate-sector-financial-reporting-technical-note http://hdl.handle.net/10986/24125 |
| Summary: | This note is prepared as part of the
FSAP. Its main objective is to describe the status and
recent developments in corporate financial reporting
framework in Montenegro and highlight key issues relevant to
financial sector. The note represents a technical annex to
the main FSAP Aide-Memoire and seeks to provide a high level
overview of developments since the 2007 A&A ROSC2, as
well as highlight the areas that are most relevant to the
financial sector. The Annex 1 to this note offers details on
status of implementation of 2007 A&A ROSC policy
recommendations and was based on the team’s knowledge of
corporate financial reporting reforms in Montenegro and
limited research. Montenegro has undertaken notable efforts
to improve the corporate financial reporting framework since
the 2007 A&A ROSC, especially in improving the statutory
framework and efforts to align it with the EU acquis
communautaire. However, implementation and enforcement of
financial reporting and auditing requirements has been
hampered by major capacity and resource constraints. The
major consequences are that, with exception of banks and
insurance companies, there is limited quality financial
information on corporate entities available in the market
that is reliable for economic decision making or supervision
of financial sector entities. The capacity and skills of the
accounting and auditing profession in Montenegro needs
further development while the institutions responsible for
accounting and auditing regulation, in some cases, are at
inception. acquis communautaire. |
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