LAW ON ACCOUNTING AND AUDITING ("Official Herald of the Republic of Serbia", Nos. 46/2006, 111/2009, 99/2011 - other law and 62/2013 - other law)

Article 1*

(Ceased to be in force)

2. Legal, Professional and Internal Regulations

Article 2*

Small legal entity and entrepreneur may, and large legal entity, medium legal entity, legal entity producing consolidated financial statements in compliance with law, legal entity issuing securities by public offering or legal entity whose securities are the subject of trading at organized securities market, must apply IAS, i.e. IFRS.

Minister in charge of finance (hereinafter referred to as: the Minister of Finance) shall prescribe procedure for recognizing, measuring and evaluating assets and commitments, revenues and expenditures of small legal entities and entrepreneurs not applying IAS, i.e. IFRS, in compliance with legal and professional regulations.

3. Translating and Publishing Professional Regulations

Articles 3-14*

(Ceased to be in force)

2. Structure of Accounts

Article 15

Legal entities and entrepreneurs shall enter business changes at accounts prescribed by the structure of accounts.

Fully respecting implementation of IAS and IFRS, the following persons shall define the structure of accounts and the content of accounts within the structure of accounts:

1) Minister of Finance - for undertakings, cooperatives, entrepreneurs, and for other legal entities;

2) Governor of the National Bank of Serbia - for the National Bank of Serbia, banks and other financial organizations, insurance companies, financial leasing lessors, voluntary pension funds and voluntary pension fund's management companies;

3) Securities Commission - for investment funds and investment funds' management companies, as well as stock exchange markets and brokerage houses.

Articles 16-25*

(Ceased to be in force)

Article 26

The Minister of Finance shall prescribe the content and form of financial statements in the purpose of having unique information and statistical data processing for undertakings, cooperatives, entrepreneurs and other legal entities

Governor of the National Bank of Serbia shall prescribe the content and form of financial statements for the National Bank of Serbia, banks and other financial organizations, insurance companies, financial leasing lessors, voluntary pension funds and voluntary pension fund management companies.

Securities Commission shall prescribe the content and form of financial statements for investment funds, investment fund management companies and stock exchange markets and brokerage houses.

Articles 27-29*

(Ceased to be in force)

IX DELIVERING, REGISTRATION, PROCESSING AND DISCLOSING FINANCIAL STATEMENTS AND DATA ON SOLVENCY OF LEGAL ENTITIES AND ENTREPRENUERS

Article 30

Legal entities or entrepreneurs shall deliver regular annual financial statements for the reporting year to the Agency no later then by the end of the February of the following year, unless otherwise specified by separate regulations.

Legal entities from the Article 24, Paragraph 2 of the present law, shall deliver the annual financial statements for the reporting year to the Agency, within the period of 60 days from the day when those statements were produced.

Legal entities producing consolidated financial statements (parent legal entities) shall deliver the consolidated financial statements for the reporting year to the Agency, not later then April 30th of the following year.

Legal entities or entrepreneurs, who produce extraordinary financial statements in compliance with the Article 24 of the present law, shall deliver them to the Agency, within the period of 60 days from the day when those statements were produced.

Article 31

The Audit obligors specified in the Article 37 of the present law, along with regular annual financial statements or consolidated financial statements form the Article 30, Paragraph 1 and 3 of the present law shall deliver to the Agency not later the September 30th:

1) Decision on adoption of regular annual financial statements or consolidated financial statements;

2) Auditors report on performed audit of regular annual or consolidated financial statements in compliance with the present law and International standards on auditing;

3) Decision on profit distribution or coverage of losses under regular annual financial statement, if it is decided that the profit shall be distributed or the losses shall be covered;

4) Corrected regular annual financial statements or corrected consolidated financial statements, adopted by the competent body if they contain corrections related to delivered financial statements referred to in Article 30 Paragraph 1 and 3 of the present law;

5) Annual business report for the legal entities prescribed by separate regulations.

Exclusive of Paragraph 1 of the present Article, the legal entities from the Article 24 Paragraph 2 of the present law, along with regular annual financial statements, shall deliver the documents referred to in the Paragraph 1 of the present Article not later the period of 90 days after the day of the delivery of the regular annual financial statement form Article 30, Paragraph 2 of the present law.

Articles 32-77*

(Ceased to be in force)