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Proposal on altering financial reporting regulations accepted
Belgrade,
25 December 2008
State Secretary of Finance Slobodan Ilic today stated that the Ministry has accepted the proposal submitted by insurance companies to alter regulations on financial reporting for 2008 due to the global crisis.
At a meeting with representatives from insurance companies, the Ministry of the Interior and the Ministry of Infrastructure, Ilic explained that the changes refer to the presentation of share and bond value in the portfolios of insurance companies and other financial institutions.
By changing the International Accounting Standards (IAS), the current state of financial institutions will be presented more realistically, said Ilic stressing that due to the financial crisis, the price of securities traded at the Belgrade Stock Exchange has considerably decreased this year.
If we do not change the current regulations on financial reports, this will have to be booked as a loss, explained Ilic.
He noted that the National Bank of Serbia, which controls the work of financial institutions, will also adopt new measures harmonised with the changes to the IAS.
Changing these standards is part of the measures that the Ministry of Finance has prepared in order to alleviate the consequences of the global financial crisis on the Serbian economy and the banking sector.
The meeting also discussed a draft law on obligatory traffic insurance, which will be forwarded to the government in January 2009.
Since the law will significantly differ from the previous one and has to be synchronised with the draft law on the road traffic security, a majority of amendments submitted by the insurance industry has been included.
By changing the International Accounting Standards (IAS), the current state of financial institutions will be presented more realistically, said Ilic stressing that due to the financial crisis, the price of securities traded at the Belgrade Stock Exchange has considerably decreased this year.
If we do not change the current regulations on financial reports, this will have to be booked as a loss, explained Ilic.
He noted that the National Bank of Serbia, which controls the work of financial institutions, will also adopt new measures harmonised with the changes to the IAS.
Changing these standards is part of the measures that the Ministry of Finance has prepared in order to alleviate the consequences of the global financial crisis on the Serbian economy and the banking sector.
The meeting also discussed a draft law on obligatory traffic insurance, which will be forwarded to the government in January 2009.
Since the law will significantly differ from the previous one and has to be synchronised with the draft law on the road traffic security, a majority of amendments submitted by the insurance industry has been included.
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