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Regulatory Reporting Requirements in Finance: Serbia and Montenegro Take a Step Forward

In recent years, there has been an increasing focus on addressing skills gaps and enhancing regulatory reporting requirements in finance. In response to this need, the Ministry of Finance in Serbia has launched a corporate financial reporting training program.

Program Overview

The “You can count on our support” initiative targeted finance departments, accountants, auditors, and financial consultants from both local and international companies, as well as public and private sectors. The program was supported by PwC throughout 2018 and 2019, with the World Bank administering the project and SECO providing financing. Singidunum University Belgrade, PwC Hungary, and AARC Ltd also contributed to its implementation.

Program Development

To ensure the program’s success, PwC Academy conducted a thorough training needs analysis, gathering inputs from various sources including the Ministry of Finance and individual interviews and questionnaires with the target audience. The goal was to identify concrete evidence on what the training should look like.

Training Offerings

Based on the findings, several forms and streams of training were developed, including:

  • E-learnings on IFRS and ISA basics
  • Recorded webex sessions
  • IFRS and ISA courses
  • Train-the-trainer modules
  • Short workshops and seminars on specific standards

The program aimed to increase the presentation and educational skills of a certain number of trainers, enabling them to transfer knowledge within their organizations and local communities.

Awareness Campaign

To recruit participants, PwC supported the Ministry with an awareness campaign, which included:

  • Live presentations
  • Launch events in selected cities
  • Targeted online e-mailing and social media

The campaign reached an impressive 205,000 individuals in Serbia, making it a significant step forward in enhancing regulatory reporting requirements in finance.