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...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/04/26187422/montenegro-corporate-sector-financial-reporting-technical-note http://hdl.handle.net/10986/24125 |
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okr-10986-24125 |
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| 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 |
INTERNATIONAL ACCOUNTING STANDARDS LIMITED EXTERNAL AUDITORS CAPITAL MARKETS REGULATORY FRAMEWORK CORPORATE ENTITIES LIABILITY CHECKS ACCOUNTING EARNINGS PER SHARE PROFESSIONAL ORGANIZATION FINANCIAL MANAGEMENT STOCK VALUATION INCOME INTEREST LAWS PARENT COMPANY INDUSTRY OPTION EXCHANGE SERVICES DISCLOSURE REQUIREMENTS REVENUES MARKET REGULATORS COMPANIES FINANCIAL STATEMENTS CAPACITY BUILDING COLLECTIVE INVESTMENT FINANCIAL STATEMENT TAX LEGAL ENTITIES ASSOCIATIONS AUDIT COMMITTEE PENSION CERTIFIED ACCOUNTANTS INSTRUMENTS REGULATORY TASKS AUDITS INSURANCE COMPANY SMALLER COMPANIES ACCOUNTING SERVICES CENTRAL BANK MICRO ENTERPRISE STATES TECHNICAL ASSISTANCE PENALTIES EXCHANGE COMMISSION UNION TRADING INVESTMENT FUNDS ADOPTION CRITERIA CABINET OF MINISTERS FINANCIAL INSTITUTIONS MARKETS CAPITAL MARKET INTERNATIONAL DEVELOPMENT LEGISLATION SMALL COMPANIES ENTERPRISES PENSION FUNDS LEGAL FRAMEWORK FINANCE INFRASTRUCTURE MICRO ENTERPRISES BANKS ACCOUNTING” RULE STOCK COMPANIES INTERNATIONAL STANDARDS TRANSACTION PROFESSIONAL EDUCATION DEPOSITORY GOOD MEMBER STATES AUDITORS TRANSPARENCY SMALL ENTERPRISES INDEPENDENT AUDIT FUTURE BUSINESS DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARD BANK CAPACITY CONSTRAINTS INVESTMENT COMPANIES EXCHANGES FINANCIAL INSTRUMENTS ASSOCIATION COLLECTIVE OFF SITE MONITORING ACCRUAL LARGE COMPANIES ACCOUNTANT AFFILIATES INSTITUTIONAL CAPACITY BALANCE SHEET MARKET COMPANY SECURITIES CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING STANDARD INVESTMENT MANAGEMENT GOVERNANCE SHAREHOLDERS ENFORCEMENT INSURANCE CERTIFIED ACCOUNTANT STATE MARKET SHARE SECURITY ACCOUNTING STANDARDS AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT RISK CENTRAL DEPOSITORY MANAGEMENT ACCOUNTING SHARE ORGANIZATION LIMITED LIABILITY COMPANIES FINANCIAL INFORMATION INTERNAL CONTROL INTERNATIONAL STANDARD LEGAL ENTITY REGULATORS BANK SUPERVISION REVENUE UNIVERSITY CHECK DEPOSITORY COMPANIES SUPERVISORY AGENCY JOINT STOCK COMPANIES AUDIT FINANCIAL ACCOUNTING INSURANCE COMPANIES LARGE COMPANY LIMITED LIABILITY FINANCIAL SECTOR STOCK EXCHANGES AUDITING UNIVERSITIES CORPORATE GOVERNANCE |
| spellingShingle |
INTERNATIONAL ACCOUNTING STANDARDS LIMITED EXTERNAL AUDITORS CAPITAL MARKETS REGULATORY FRAMEWORK CORPORATE ENTITIES LIABILITY CHECKS ACCOUNTING EARNINGS PER SHARE PROFESSIONAL ORGANIZATION FINANCIAL MANAGEMENT STOCK VALUATION INCOME INTEREST LAWS PARENT COMPANY INDUSTRY OPTION EXCHANGE SERVICES DISCLOSURE REQUIREMENTS REVENUES MARKET REGULATORS COMPANIES FINANCIAL STATEMENTS CAPACITY BUILDING COLLECTIVE INVESTMENT FINANCIAL STATEMENT TAX LEGAL ENTITIES ASSOCIATIONS AUDIT COMMITTEE PENSION CERTIFIED ACCOUNTANTS INSTRUMENTS REGULATORY TASKS AUDITS INSURANCE COMPANY SMALLER COMPANIES ACCOUNTING SERVICES CENTRAL BANK MICRO ENTERPRISE STATES TECHNICAL ASSISTANCE PENALTIES EXCHANGE COMMISSION UNION TRADING INVESTMENT FUNDS ADOPTION CRITERIA CABINET OF MINISTERS FINANCIAL INSTITUTIONS MARKETS CAPITAL MARKET INTERNATIONAL DEVELOPMENT LEGISLATION SMALL COMPANIES ENTERPRISES PENSION FUNDS LEGAL FRAMEWORK FINANCE INFRASTRUCTURE MICRO ENTERPRISES BANKS ACCOUNTING” RULE STOCK COMPANIES INTERNATIONAL STANDARDS TRANSACTION PROFESSIONAL EDUCATION DEPOSITORY GOOD MEMBER STATES AUDITORS TRANSPARENCY SMALL ENTERPRISES INDEPENDENT AUDIT FUTURE BUSINESS DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARD BANK CAPACITY CONSTRAINTS INVESTMENT COMPANIES EXCHANGES FINANCIAL INSTRUMENTS ASSOCIATION COLLECTIVE OFF SITE MONITORING ACCRUAL LARGE COMPANIES ACCOUNTANT AFFILIATES INSTITUTIONAL CAPACITY BALANCE SHEET MARKET COMPANY SECURITIES CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING STANDARD INVESTMENT MANAGEMENT GOVERNANCE SHAREHOLDERS ENFORCEMENT INSURANCE CERTIFIED ACCOUNTANT STATE MARKET SHARE SECURITY ACCOUNTING STANDARDS AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT RISK CENTRAL DEPOSITORY MANAGEMENT ACCOUNTING SHARE ORGANIZATION LIMITED LIABILITY COMPANIES FINANCIAL INFORMATION INTERNAL CONTROL INTERNATIONAL STANDARD LEGAL ENTITY REGULATORS BANK SUPERVISION REVENUE UNIVERSITY CHECK DEPOSITORY COMPANIES SUPERVISORY AGENCY JOINT STOCK COMPANIES AUDIT FINANCIAL ACCOUNTING INSURANCE COMPANIES LARGE COMPANY LIMITED LIABILITY FINANCIAL SECTOR STOCK EXCHANGES AUDITING UNIVERSITIES CORPORATE GOVERNANCE World Bank International Monetary Fund Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| geographic_facet |
Europe and Central Asia Montenegro |
| description |
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. |
| format |
Report |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| title_short |
Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| title_full |
Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| title_fullStr |
Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| title_full_unstemmed |
Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting |
| title_sort |
financial sector assessment program : montenegro corporate sector financial reporting |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/04/26187422/montenegro-corporate-sector-financial-reporting-technical-note http://hdl.handle.net/10986/24125 |
| _version_ |
1764455712869580800 |
| spelling |
okr-10986-241252021-05-25T10:54:44Z Financial Sector Assessment Program : Montenegro Corporate Sector Financial Reporting World Bank International Monetary Fund INTERNATIONAL ACCOUNTING STANDARDS LIMITED EXTERNAL AUDITORS CAPITAL MARKETS REGULATORY FRAMEWORK CORPORATE ENTITIES LIABILITY CHECKS ACCOUNTING EARNINGS PER SHARE PROFESSIONAL ORGANIZATION FINANCIAL MANAGEMENT STOCK VALUATION INCOME INTEREST LAWS PARENT COMPANY INDUSTRY OPTION EXCHANGE SERVICES DISCLOSURE REQUIREMENTS REVENUES MARKET REGULATORS COMPANIES FINANCIAL STATEMENTS CAPACITY BUILDING COLLECTIVE INVESTMENT FINANCIAL STATEMENT TAX LEGAL ENTITIES ASSOCIATIONS AUDIT COMMITTEE PENSION CERTIFIED ACCOUNTANTS INSTRUMENTS REGULATORY TASKS AUDITS INSURANCE COMPANY SMALLER COMPANIES ACCOUNTING SERVICES CENTRAL BANK MICRO ENTERPRISE STATES TECHNICAL ASSISTANCE PENALTIES EXCHANGE COMMISSION UNION TRADING INVESTMENT FUNDS ADOPTION CRITERIA CABINET OF MINISTERS FINANCIAL INSTITUTIONS MARKETS CAPITAL MARKET INTERNATIONAL DEVELOPMENT LEGISLATION SMALL COMPANIES ENTERPRISES PENSION FUNDS LEGAL FRAMEWORK FINANCE INFRASTRUCTURE MICRO ENTERPRISES BANKS ACCOUNTING” RULE STOCK COMPANIES INTERNATIONAL STANDARDS TRANSACTION PROFESSIONAL EDUCATION DEPOSITORY GOOD MEMBER STATES AUDITORS TRANSPARENCY SMALL ENTERPRISES INDEPENDENT AUDIT FUTURE BUSINESS DEVELOPMENT INTERNATIONAL ACCOUNTING STANDARD BANK CAPACITY CONSTRAINTS INVESTMENT COMPANIES EXCHANGES FINANCIAL INSTRUMENTS ASSOCIATION COLLECTIVE OFF SITE MONITORING ACCRUAL LARGE COMPANIES ACCOUNTANT AFFILIATES INSTITUTIONAL CAPACITY BALANCE SHEET MARKET COMPANY SECURITIES CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING STANDARD INVESTMENT MANAGEMENT GOVERNANCE SHAREHOLDERS ENFORCEMENT INSURANCE CERTIFIED ACCOUNTANT STATE MARKET SHARE SECURITY ACCOUNTING STANDARDS AUDIT COMMITTEES STOCK EXCHANGE INVESTMENT RISK CENTRAL DEPOSITORY MANAGEMENT ACCOUNTING SHARE ORGANIZATION LIMITED LIABILITY COMPANIES FINANCIAL INFORMATION INTERNAL CONTROL INTERNATIONAL STANDARD LEGAL ENTITY REGULATORS BANK SUPERVISION REVENUE UNIVERSITY CHECK DEPOSITORY COMPANIES SUPERVISORY AGENCY JOINT STOCK COMPANIES AUDIT FINANCIAL ACCOUNTING INSURANCE COMPANIES LARGE COMPANY LIMITED LIABILITY FINANCIAL SECTOR STOCK EXCHANGES AUDITING UNIVERSITIES CORPORATE GOVERNANCE 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. 2016-04-25T18:39:48Z 2016-04-25T18:39:48Z 2016-01 Report http://documents.worldbank.org/curated/en/2016/04/26187422/montenegro-corporate-sector-financial-reporting-technical-note http://hdl.handle.net/10986/24125 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Financial Sector Assessment Program Europe and Central Asia Montenegro |