Mogućnost primjene međunarodnih računovodstvenih standarda javnog sektora u FBiH
Possibilities of Applying the International Accounting Standards for Public Sector in FB&H

Summary/Abstract: The main goal of this paper is to give an overview of the adoption and usage of the international practice in financial reporting at legal entities, emphasizing the financial reporting in public sector. Namely, the integration of legal entities worldwide creates a need for unique financial reporting framework, not only in private sector, but in public sector as well. As a result of above mentioned processes, International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) are constantly being improved and expanded, and International Public Sector Accounting Standards (IPSAS) are intensively developed. Since 2006, when IAS and IFRS were introduced in FB&H, no changes and amendments of current IAS and IFRS, nor any new IFRSs, released by IFAC, have been adopted. Due to the fact that IPSAS are still not adopted, translated and published in FB&H, we are obligated to use IAS and IFRS in our public sector entities, which are mainly created for private sector. In this paper, we provide a short resume of currently used IASs; it is explained the (im)possibility of their usage in public sector, and for each field where the application is possible, it is proposed the appropriate IPSAS.

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