Draft law on Accounting, Financial Reporting and Auditing is approved
01/09/2010
Two years after the declaration of independence of the Republic of Kosovo, the standards for accounting, financial reporting and auditing were regulated by UNMIK Regulation 2001/30. This continued until the 143rd government meeting, held on September 2010, when the Government approved the Draft Law on Accounting, Financial Reporting and Auditing. Drafting of this draft law no budget implications since the Regulations in power already foresees the follow-up mechanisms for the implementation of this law. This Draft law regulates the accounting, auditing system and financial reporting; regulates the education and training of legal accountants and auditors; monitors the accounting and auditing associations; and ensures legal compliance for all participants in the financial reporting system.
Preparation and drafting of the law was done by the Ministry of Economy and Finance, respectively from experts in the field of accounting and financial reporting, whereas the final supervision was made by the working group consisted of officials from MEF, MH, MTI, OPM, CBAK, representatives of World Bank, Kosovo Board on Financial Reporting Standards, Association of Certified Accountants and Auditors of Kosovo and the Banking Association of Kosovo. The working group of 11 members needed to meet 6 times in order to make all the necessary changes and modifications to the draft law, before submitting it to the Government for approval.
This draft law is in line with standards from EU Directives and International Standards, which enables that the administrative directives issues by the independent regulatory authority not to influence weakening of the law.
