Bosnia and Herzegovina

Extent of IFRS application | Status | Additional Information |
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IFRS Standards are required for domestic public companies |
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IFRS Standards are required for listed companies, financial institutions, and large and medium-sized private companies. |
IFRS Standards are permitted but not required for domestic public companies | ||
IFRS Standards are required or permitted for listings by foreign companies |
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Required. |
The IFRS for SMEs Standard is required or permitted |
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Permitted in separate company financial statements. SMEs are not required to prepare consolidated financial statements. |
The IFRS for SMEs Standard is under consideration |
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Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
Yes.
The commitment of the Federation of Bosnia and Herzegovina to IFRS Standards was made in the Law on Accounting and Auditing in the Federation, issued 30 December 2009, which prescribes mandatory application of the IFRS Standards and associated guidance issued by the IASB Board. The law is available in Bosnian, Serbian, and Croatian.
What is the jurisdiction's status of adoption?
The Federation of Bosnia and Herzegovina has adopted IFRS Standards and the IFRS for SMEs Standard for all companies.
Additional comments provided on the adoption status?
Application of IFRS Standards was originally made mandatory under the Framework Law on Accounting and Auditing adopted in 2004 by both Bosnia and Herzegovina and effective 1 January 2006. That law required IFRS Standards and IAS Standards issued by the International Accounting Standards Board (IASB Board), including implementation guidance and interpretations.
Under the new Law on Accounting and Auditing that went into effect on 1 January 2010, the use of full IFRS Standards and the IFRS for SMEs Standard is required as shown in the following table:
Consolidated Financial Statements |
Separate Company Financial Statements |
|
---|---|---|
Listed companies |
IFRS Standards |
IFRS Standards |
Banks |
IFRS Standards |
IFRS Standards |
Insurance companies |
IFRS Standards |
IFRS Standards |
Private pension funds |
IFRS Standards |
IFRS Standards |
Other public interest entities |
IFRS Standards |
IFRS Standards |
Large unlisted entities -- exceed at least two out of three of the following: |
IFRS Standards |
IFRS Standards or the IFRS for SMEs Standard |
Medium-sized unlisted entities -- meet at least two out of |
IFRS Standards |
IFRS Standards or the IFRS for SMEs Standard |
Small-sized entities – companies below the above sizes |
Consolidated financial statements are not required |
IFRS Standards or the IFRS for SMEs Standard except that a statement of changes in equity and cash flow statement are not required |