This report provides an updatedassessment of accounting, financial reporting, and auditingrequirements and practices within the enterprise andfinancial sectors in Croatia. It uses InternationalFinancial Reporting Standards (IFRS), InternationalStandards on Auditing (ISA), and the relevant portions ofEuropean Union (EU) law (also known as the acquiscommunautaire). Croatia has made considerable progress indeveloping its regulatory framework for corporate sectorfinancial reporting and auditing since the publication ofthe first Accounting and Auditing (A&A) report on theobservance of standards and codes (ROSC) in 2002. Thealignment of the revised regulatory framework with theacquis communautaire has been significantly improved andlays the basis for reinforcing the institutional capacityfor financial reporting and auditing. However, not allrequirements of the relevant acquis have been introduced andfurther work is needed to achieve full compliance. TheCroatian institutional framework has undergone severalimportant changes. However, further capacity buildingrelating to monitoring, enforcing, and strengtheningsupervision (except for banks) is needed to ensure properapplication of IFRS and national accounting standards. Thisreport concludes that Croatia should take further steps inorder to achieve its goal of developing a robust financialreporting framework tailored to the needs of the Croatianmarket economy, and aligned with the acquis communautaire,international standards and best practices.
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