FINANSIJSKO IZVJEŠTAVANJE OSIGURAVAJUĆIH DRUŠTAVA U BiH PREMA DIREKTIVAMA EU I MEĐUNARODNIM RAČUNOVODSTVENIM STANDARDIMA
FINANCIAL REPORTING OF INSURANCE COMPANIES IN B&H ACCORDING TO EU DIRECTIVES AND INTERNATIONAL ACCOUNTING STANDARDS

Summary/Abstract: The first legal regulation of the accounting of insurance companies began as early as 1978, the directives were changed due to alignment with the needs of presenting insurers' financial information. The latest Solvency II directive represents the legislative framework for the overall operation of insurance companies and reinsurance companies in the European Union. It entered into force at the beginning of 2016. Although it is not exclusively an accounting directive, it introduced a market-consistent valuation of assets and liabilities through the balance sheet, with the aim of adequate capitalization taking into account all the risks taken, which would result in the desired profitability. The first Regulation on the application of international accounting standards was adopted in 2002. Its goal was the adoption and use of international accounting standards in the community to harmonize financial data, and ensure a high level of transparency and comparability of financial statements, and thus the efficient functioning of the community's capital market and the internal market. International accounting standards were developed by the International Accounting Standards Committee, whose intention was to develop a single set of global accounting standards. As a member of the International Association of Accountants, Bosnia and Herzegovina is obliged to apply international accounting standards. In the paper, we will discuss the emergence of regulations governing the accounting and financial reporting of insurance companies, the position of Bosnia and Herzegovina in international accounting organizations, and its readiness to apply all EU accounting regulations for insurance companies.

• Details
• Contents