The possibility of applying revised IAS / IFRS on the financial statements for the year 2016

04/01/2017

The Ministry of Finance published a new ruling regarding the possibility of applying revised IAS/IFRS and amendments to the IFRS for SMEs whose translation is expected in 2017 during the course of preparation of financial statements for 2016.

In the Ruling No. 011-00-1051 / 2016-16 dated 23 November 2016 the Ministry of Finance informed that the publishing of consolidated text of all (new and revised) IFRS, as well as amendments to the IFRS for SMEs, is expected in to be published during 2017 in the Official Gazette of the Republic of Serbia and made available on the website of the Ministry of Finance.

However, the Ruling confirmed that legal entities can apply those standards (with the disclosure of this information in the Notes to the financial statements) during the preparation of financial statements for 2016, due to the fact that these standards allow their early application, even though they have not been published yet in the Official Gazette of the Republic of Serbia.

taxnewsletter_januar2017_eng_2_4.pdf