ISOS: Strengthening the accounting profession will bring additional benefits to all businesses

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The introduction and use of international financial reporting standards in our country will ensure compliance of the financial statements of domestic companies, including small and medium-sized firms, with those prepared at the global level, which will certainly bring a number of benefits to our business sector, because this increases its competitiveness, creating new opportunities for business, investment and cooperation in global frameworks.

This was one of the topics and basic messages that emerged from the meeting of the representatives of the Institute of Accountants and Chartered Accountants (ISOS) with the members of the Center for Micro, Small and Medium Enterprises at the Economic Chamber of RNM.

At the meeting, it was noted that during the last year, ISOS successfully completed the translation of the international accounting standards, after which they were published in the Official Gazette, thus removing the last formal obstacle to their application, which according to the current legislation should start next year.

The representatives of micro, small and medium-sized enterprises were also introduced to the results and benefits of the process of updating and publishing data in the registers of professional accountants maintained by ISOS, which was successfully completed at the beginning of this year, followed by the electronic exchange of the data from the thus updated registers with the Central Register. At the meeting, it was concluded that the public publication of the updated registers contributes to the elimination of operations in the so-called gray zone – a phenomenon that harms the accounting profession – and at the same time will improve the operation of the business, taking into account the great responsibility that professional accountants have in terms of keeping and recording all financial flows.

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