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Law on Accounting 2021 ( Nos. 62/2013 and 30/2018))

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Summary

The Law on Accounting in Serbia was updated in 2021, building on previous versions from 2013 and 2018. The main aim of the updated law is to harmonize the accounting system in Serbia with international standards, specifically the International Financial Reporting Standards (IFRS) and the European Union's Accounting Directive. The updated law outlines the requirements for financial statements, including balance sheets, profit and loss statements, and cash flow statements, as well as rules for recording, classifying, and disclosing financial information. It also establishes new rules for auditing financial statements, including the certification of auditors and the procedures for conducting audits. The law requires companies to adopt the IFRS for financial reporting, with some exceptions for small and medium-sized enterprises (SMEs). Additionally, the law outlines specific requirements for the preparation and disclosure of financial statements for listed companies and companies that issue bonds or other securities.

Thumbnail image for The Law on Accounting in Serbia was updated in 2021, building on previous versions from 2013 and 2018. The main aim of the updated law is to harmonize the accounting system in Serbia with international standards, specifically the International Financial Reporting Standards (IFRS) and the European Union's Accounting Directive. The updated law outlines the requirements for financial statements, including balance sheets, profit and loss statements, and cash flow statements, as well as rules for recording, classifying, and disclosing financial information. It also establishes new rules for auditing financial statements, including the certification of auditors and the procedures for conducting audits. The law requires companies to adopt the IFRS for financial reporting, with some exceptions for small and medium-sized enterprises (SMEs). Additionally, the law outlines specific requirements for the preparation and disclosure of financial statements for listed companies and companies that issue bonds or other securities.
Issuer

Serbia

Year

2021

Region

Europe

Issuer (type)

Ministry of Finance (Government)

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Finance & Insurance
  • Arts, Entertainment, & Recreation
  • Manufacturing
  • Professional, Scientific, & Technical Services
Restrictiveness

Very Low

Sustainable Development Goals (SDGs)
  • SDG 8: Decent Work and Economic Growth
  • SDG 10: Reduced Inequality
  • SDG 11: Sustainable Cities and Communities

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