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The Comparison of Public Sector Accounting between Croatia and Bosnia and Herzegovina

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Book cover Economy, Finance and Business in Southeastern and Central Europe

Part of the book series: Springer Proceedings in Business and Economics ((SPBE))

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Abstract

The decisive influence on the shaping of governmental accounting at the country level comes from two sources. The national source defines the specifics that are conditional and dependent on one country social system and economic development, nation’s level of education and intellectual capital as well as on country’s customs, tradition and culture. The international sources are harmonization and unification of methodological and legislative frameworks and national accounting practices, which further lead to reducing national specifics. The transfer and use of other countries’ experiences into national frameworks have its special features with both good and bad sides.

This paper analyses the governmental accounting development in two countries: the Republic of Croatia (RH) and Bosnia and Herzegovina (BIH) from two entities—the Republic of Srpska (RS) and the Federation Bosnia and Herzegovina (FBIH) viewed through a 25-year period (1990–2015). The goal is to compare the path of development and identify key influences on solutions in a particular period of time (several phases of accounting system development).

Therefore, in this paper authors analyse the characteristics of national governmental accounting in the aforementioned two countries, through various system development periods, and identify factors that have influenced the developments. Also, the paper explores the similarities and differences between the current characteristics of governmental accounting and financial reporting in the RH and BIH. Furthermore, authors explore and detect possible implementation obstacles for application of accrual accounting.

The results of this paper might be helpful to national authorities in continuing the improvements of national governmental accounting legislation and might be useful to other countries that are in comparable situations. We find that this international comparison study contributes to the existing literature and is potentially of interest for the international and national standard setters (i.e. IPSASB).

This work has been supported by Croatian Science Foundation’s funding of the project 8509 Accounting and financial reporting reform as a means for strengthening the development of efficient public sector financial management in Croatia. Any opinions, findings and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the Croatian Science Foundation.

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Abbreviations

ESA:

European System of Accounts

EPSAS:

European Public Sector Accounting Standards

GFS:

Government Finance Statistics

BIH:

Bosnia and Herzegovina

FBIH:

Federation of Bosnia and Herzegovina

IMF:

International Monetary Fund

IPSASs:

International Public Sector Accounting Standards

MofF:

Ministry of Finance

NN RH:

Narodne novine RH (Official Gazette of the Republic of Croatia)

PSA:

Public Sector Accounting

RH:

Republic of Croatia

RS:

Republic of Srpska

SG RS:

Službeni glasnik RS (Official Gazette of the Republic of Srpska)

SN FBIH:

Službene novine FBIH (Official Gazette of the Federation of Bosnia and Herzegovina)

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Author information

Authors and Affiliations

  1. Faculty of Economics and Business, University of Zagreb, Zagreb, Republic of Croatia

    Vesna Vašiček

  2. Faculty of Economics, University of Banja Luka, Banja Luka, Republic of Srpska, Bosnia and Herzegovina

    Jelena Poljašević

  3. Faculty of Economics, University of Mostar, Mostar, Federation Bosnia and Herzegovina, Bosnia and Herzegovina

    Maja Letica

Authors
  1. Vesna Vašiček
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  2. Jelena Poljašević
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  3. Maja Letica
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Corresponding author

Correspondence to Vesna Vašiček .

Editor information

Editors and Affiliations

  1. Eastern Macedonia and Thrace, Institute of Technology, Kavala, Greece

    Anastasios Karasavvoglou

  2. Faculty of Economics, University of Split, Split, Croatia

    Srećko Goić

  3. Central Macedonia, Institute of Technology, Serres, Greece

    Persefoni Polychronidou

  4. Eastern Macedonia and Thrace, Institute of Technology, Kavala, Greece

    Pavlos Delias

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Vašiček, V., Poljašević, J., Letica, M. (2018). The Comparison of Public Sector Accounting between Croatia and Bosnia and Herzegovina. In: Karasavvoglou, A., Goić, S., Polychronidou, P., Delias, P. (eds) Economy, Finance and Business in Southeastern and Central Europe. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-70377-0_32

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