prijava
SARAJEVO, October 14 (FENA) - The House of Representatives of the Federation of BiH Parliament today adopted the proposed new Law on Accounting and Auditing in order to improve audit and accounting, which is one of the goals of the Economic Policy of the Federation of BiH.
The aim of the new Law on Accounting and Auditing is to raise the quality of financial reporting and auditing in the Federation of BiH and harmonize with best international practice in this area, through improving the audit system, which is one of the prerequisites for attracting potential domestic and foreign investors.
Implementation of the provisions of the new EU Directive, and above all the establishment of an effective audit quality control system, as well as an audit oversight system, should contribute to improving the quality of audit reports on an ongoing basis.
Also, they refer to the introduction of entities of public interest, the application of new criteria for the classification of legal entities, the introduction of micro legal entities for which the rules for keeping business books and compiling financial statements have been simplified.
The law provides the establishment of the Register of Legal Entities and Entrepreneurs, as well as the Register of Qualified Persons.
It is stipulated that data from the financial reports of all taxpayers will be publicly available, while the International Standards in the field of accounting and auditing will also be available, free of charge, in the native language.
In order to reduce liabilities, the law abolishes the obligation to prepare and present periodic (semi-annual) financial reports, as well as costs to companies related to their submission.
The current Law on Accounting and Auditing was adopted in 2009 and has been in force since the beginning of 2010. No changes were made in that law, and many things have changed, so it was assessed that the necessity to change it is unquestionable.
In order for the new Law on Accounting and Auditing to enter into force, it is necessary for it to be adopted by the House of Peoples of the FBiH Parliament.
(FENA) A. B.
