The Government of Serbia adopted Proposal of the Law on Accounting on 16.9.2019.
According to the Report on the Public Hearing on the Draft Law on Accounting, published by the Ministry of Finance, the following comments or suggestions are accepted fully or partially:
- Clearer wording in certain definitions in Article 2 of the Draft Law (other legal entities, extraordinary financial statement, shares, material item, date of approval for disclosure of financial statements),
- Specifying that the Central Registry, Depository and Clearing of Securities (Central Registry) is considered a large legal entity and that the Securities Commission prescribes by-laws governing the Chart of Accounts and the contents of the Account in the Chart of Accounts, as well as the content and form of financial forms reports compiled by the Central Registry.
- Comments from civil sector representatives related to other legal entities within the meaning of Article 2, item 2) of the Draft Law on Accounting (associations, foundations, endowments, etc.), which will continue to apply the special by-laws governing them, are also accepted. Chart of Accounts and Forms of Financial Statements (provisions as in the current Law on Accounting).
- The remark specifying Article 9, paragraph 3 of the Draft Law was adopted, in the sense that compulsory creation and submission of invoices in electronic form refers to legal entities and entrepreneurs obliged to apply this Law, and the deadline for compliance with this provision of the Draft Law (mandatory implementation starting January 1, 2022).
- Remarks regarding the obligation to draw up a Note to the financial statements for other legal entities referred to in Article 2, paragraph 2 of the Draft Law, which are classified in the category of micro legal entities, were also accepted.
- An objection was also accepted regarding the establishment of the Accounting Services Provider Register (starting from January 1, 2021).
- In the part related to non-financial reporting, proposals were adopted to further specify the obligation to prepare and how to prepare these reports.
Other suggestions, suggestions and objections of the participants in the public hearing process submitted to this Ministry after the analysis were not accepted because no specific explanations were given for them, or the proposals are contrary to the positive legal regulations, i.e. are not subject to the regulation of this law, or are contrary to the provisions of the relevant EU regulations (Directive 2013/34 / EU and Directive 2014/95 / EU as well as EU Regulation 1606/2002) with which they are harmonized.