New legislation has been approved by the
Republic of Kosovo Assembly requiring large businesses and all
shareholder companies in the country to apply IFRS.
The new law also mandates that financial
statements are audited by statutory audit firms or auditors that
are licensed by the Kosovo Council for Financial Reporting
(KCFR).
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The role of the KCFR, which will supervise the
implementation of the rules, is formalised in the statute. Its
functions will include producing Kosovo Accounting Standards that
meet international requirements and implementing Auditing Standards
that comply with the International Standards on Auditing (ISA).
Businesses who do not comply risk a potential
fine of €5,000 ($6,615) to €25,000 for failure to submit financial
statements as prescribed by the law. Individuals responsible for
managing businesses are also targeted by the punitive measures,
risking a fine of up to €5,000 if they repeatedly fail to apply the
law.
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By GlobalData
