Accounting Reforms in Bosnia and Herzegovina Since 1992

Since 1992, Bosnia-Herzegovina (BiH) has been working not only on building state institutions but has also been working on its socio-economic recovery and development. Many processes related to modernizing the economy and society take place alongside the post-war recovery, with the vast assistance of the international community. The processes penetrate all fields and all levels, whereas the most important of them are the following:

• Shift from majority state-owned to privately owned property (this process is now nearly completed)

• Legislation on all administration levels and in all sectors (drafting and adopting of new laws that are fully harmonized with international law and European standards – process still ongoing)

• Development of the financial infrastructure (process aimed at development and modern operation of the Central Bank, plus creation of sound and strong financial institutions – process near completion)

• Finance and accounting reform on all levels (passing of appropriate regulations that provide for introduction and application of IFRS, trading securities, etc. – reform still ongoing)