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IFRS Adoption in Bosnia and Herzegovina

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Overview of IFRS Adoption

Bosnia and Herzegovina has adopted IFRS Standards as issued by the IASB Board. The following are key points related to IFRS adoption in the jurisdiction:

• All financial institutions and large and medium-sized entities are required to use IFRS Standards in their consolidated financial statements, regardless of whether their securities trade in a public market or not.
• For foreign companies whose securities trade in a public market in Bosnia and Herzegovina, IFRS Standards are also required.

IFRS Endorsement Process

The Law on Accounting and Auditing in the Federation prescribes mandatory application of IFRS Standards and associated guidance issued by the IASB Board. Here is how it works:

• There is no need to incorporate individual IFRS Standards into law.
• Bosnia and Herzegovina translates IFRS Standards into Bosnian and publishes the translation on its website.

Application of IFRS for SMEs Accounting Standard

Small-sized entities are permitted to omit certain statements in their separate company financial statements prepared in accordance with full IFRS Standards or the IFRS for SMEs Standard. Here is what this means:

• Small-sized entities may omit the statement of changes in equity and cash flow statement.
• All SMEs (large, medium-sized, and small) may choose either full IFRS Standards or the IFRS for SMEs Standard in their separate financial statements.

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