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Accounting Standards in Montenegro

Accounting Standards in Montenegro

Updated on Monday 12th February 2018

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Accounting-Standards-in-Montenegro

Business entities which function in Montenegro must annually fill the financial statements with the local authorities. In Montenegro the main principles concerning accounting are the Law on Accounting and Auditing from November 2005 and the International Accounting Standards which regulate the way in which financial books must be kept and the procedure for the preparation and presentations of the statements.

Our law firm in Montenegro provides counselling to investors who want to know what are the accounting regulations in this country.
 

Accounting procedures for companies in Montenegro 

The financial statements in Montenegro must be elaborated according to the International Accountant Standards (IAS) and the International Financial Reporting Standards (IFRS). Depending on the size of the entity, its revenue and the number of employees, the documents elaborated by a company will vary in great deal. However, all companies follow the same pattern in the sense that they need to keep a business book containing a transaction journal. 
 
By the 31st of December each company must submit the annual financial statement with the Tax administration in Montenegro. Our attorneys in Montenegro can guide you in the procedure of elaborating the financial statements and can help you file the documents with the authorities. 
 

Other regulations concerning accounting in Montenegro 

A company in Montenegro may appoint a specialized person in order to keep the business book and to elaborate the financial statements in written and electronic form. An accountant must be certified by a competent authority in compliance with the IFAC Education Standard (International Accounting Education Standards).
 
The responsibilities of the accountant in Montenegro include as well to keep track of the assets and liabilities of the company and to make sure they are in compliance with the business book. This can be done by an inventory procedure. The bookkeeping documents should be kept for at least 10 years, in original form.
 
For key information concerning accounting regulations in Montenegro as well as the latest updates in this field, you can confidently contact one of our Montenegro lawyers who can give you all relevant details on the subject.
 

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