Harmonization of Serbian Accounting Standards with the EU Standards

The Treaty establishing a European Economic Community, known as the Treaty of Rome, brought the need for the harmonization of the international legislative solutions for bookkeeping and financial reporting. With an aim to improve and facilitate the access to accounting information, the International Federation of Accountants (IFAC) took the role of shaping the accounting information by working on compliance of the national with the International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). The economic, corporate, political and social factors have distinguished themselves among the other ones which influence the formulisation and the implementation of the IAS. In Serbia the conditions and methods of bookeeping, configuration, presentation, distribution and disclosure of financial reports are regulated by the Law on Accounting and Audit. The professional regulation is composed of the Code of Ethich for Professional Accountants, IAS, IFRS, International Standards on Auditing (ISA) and the national standards adopted in accordance with the IFAC's statements. The internal regulation applies on the concrete artificial persons' general acts, which are composed of guidelines related to bookkeeping and adoption, distribution and disclosure of financial reports, accounting policies and other related issues.