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February 21, 2012

Republic of Kosovo adopts IFRS

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).

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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