|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|
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:
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.