The Ministry of Finance is calling on all interested parties to submit their proposals and suggestions regarding the Draft Law on Accounting by February 15th.

The Ministry encourages citizens, members of the scientific and professional community, scientific research and higher education institutions, state and public administration bodies, local authorities, businesses, business associations, non-governmental organizations, civic associations, and any other interested parties to engage in the public debate.

Comments, proposals, and suggestions should be forwarded to the Ministry’s address either by mail or in person, or sent via email to radmila.raonic@mif.gov.me using the appropriate form.

The Ministry has expressed that the introduction of the new Accounting Law is aimed at significantly enhancing the existing legislation, ensuring a clearer articulation of all provisions, and facilitating further alignment with EU directives and International Financial Reporting Standards (IFRS).

“The new draft comprehensively addresses the following areas: accounting documents and business records, the conditions and methods for maintaining business records, the Register of Accounting Service Providers, the issuance and revocation of licenses for accounting services, the preparation and submission of financial statements—particularly for micro and small enterprises—and aspects of non-financial reporting, with a focus on aligning with the new EU directive regarding sustainability reporting,” the Ministry noted.

Improvements have been made to the standards governing the content of financial reports, as well as the delineation of responsibilities for those authorized to maintain the business records of legal entities. There will also be continued oversight and enhancement of accounting practices through the establishment of the Accounting Council, bolstering supervision of the law’s implementation, and instituting a more effective system of penalties.

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