|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||IFRS Standards 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||Required.|
|The IFRS for SMEs Standard is required or permitted||All SMEs are required to use the IFRS for SMEs Standard, with an option for medium-sized entities to use full IFRS Standards.|
|The IFRS for SMEs Standard is under consideration|
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?
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
Required for all large legal entities, in line with the classification criteria set up in the Accounting Law, and any other entities that are required by law to publish consolidated financial statements. For this purpose, the following are considered large legal entities and, therefore, must use IFRS Standards regardless of size and regardless of whether their securities trade in a public market:
- banks and other financial organisations;
- insurance companies;
- financial leasing lessors;
- voluntary pension funds;
- voluntary pension funds’ management companies;
- investment funds;
- investment fund management companies;
- stock exchanges;
- securities brokerages; and
- Factoring companies.
Small and medium sized legal entities apply the IFRS for SMEs Standard, but the new Law on Accounting (RS Official Gazette, No. 62/13 that went into effect on 24 July 2013) gave medium-sized entities a one-time option to choose to apply full IFRS Standards instead. Once an entity has opted for full IFRS Standards, this accounting policy can be later amended only in very limited cases.