|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards are required for listed companies and financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||IFRS Standards are required.|
|The IFRS for SMEs Standard is required or permitted||No. All legal entities are required to use full IFRS Standards.|
|The IFRS for SMEs Standard is under consideration|
Ministarstvo Finansija (MoF) [Ministry of Finance]
Institut Računovođa I Revizora Crne Gore (IRRCG) [Institute of Accountants and Auditors of Montenegro]
Institut sertifikovanih računovođa Crne Gore (ISRCG) [Institute of Certified Accountants of Montenegro]
Role of the organisation
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Yes. Article 3 of the Law on Amendments to the Law on Accounting and Auditing (Official Gazette of the Republic of Montenegro, No 69/05 of 18 November 2005 and Official Gazette of Montenegro No 80/08 of 26 December 2008) states:
Legal entities shall compile financial statements in compliance with the International Accountant Standards (IAS), or the International Financial Reporting Standards (IFRS), as promulgated by the IASB, and adopted and published by the Competent Authority that obtained a translation and publishing copyright from the relevant body of the International Federation of Accountants (IFAC).