Author: Tatyana Gracheva
New Serbian accounting law
The Ministry of Finance of Serbia has drafted a new Accounting Law to replace the one of 2019. Together with a new draft Audit Law, it is designed to bring the country closer to European Union reporting standards ahead of accession.
They expect most of the new rules to come into force from 2027 and the heaviest new obligations to push out to 2030.
In general, the law divides companies into micro, small, medium and large.
The first change concerns the revenue ceilings: the thresholds increase to nearly €900,000, €10 million and €50 million.
The second change is based on “net operating revenue” — only the sale of goods, products and services. It leaves out subsidies, changes in inventory and capitalized work. Some companies could think that it means dropping into a lower category and a lighter reporting burden for them.
Nevertheless, the mandatory-audit threshold stays at total revenue above €4.4 million, according to the draft Audit Law.
In reality, large entities, listed and public-interest entities, and parent companies that prepare consolidated accounts would apply full IFRS. Small and medium companies will have the option to move up to full IFRS, but would use IFRS for SMEs. A national rulebook built on general accounting principles will be mandatory for micro entities, with the option of IFRS for SMEs. The framework for most mid-sized firms will not change.
According to the EU’s Corporate Sustainability Reporting Directive, large and public-interest entities would have to disclose environmental, social and governance information on a “double materiality” basis. It means they must report how sustainability issues affect the business and how the business affects people and the planet. Also, large multinational groups will have to report income tax publicly country-by-country.
Nevertheless, these obligations will begin only in 2030. Only Serbian subsidiaries of EU groups already face the CSRD at group level.
Many Serbian companies entrust their accounting to an external agency. So, accounting-service providers would have to carry mandatory professional-liability insurance, with a minimum sum tied to their prior-year fee income. It will be necessary to undergo continuous verification that they still meet licensing conditions, at their own cost. Another task is to complete ongoing professional training at designated bodies. Finally, additional data about their clients must be filed.
These costs will show up in fees for the businesses.
Also, day-to-day administration will undergo a few changes. Firstly, not only the legal representative but also the people responsible for preparing financial statements would have to sign them. Secondly, the deadline for submitting and recording accounting documents would move from five to eight working days. Finally, they will spell out retention periods: 20 years for financial statements and annual reports, 10 for the journal and general ledger, five for auxiliary ledgers.
Source Link
Read moreGerman-Ukrainian Business Outlook 2026
Business in Ukraine: More than one in three German companies are planning to expand German companies’ business in Ukraine remains stable despite the war: 80 per cent rate their current business situation as satisfactory, good or very good, whilst 49 per cent expect an improvement over the next twelve months. This is shown by the […]
Read moreKazakhstan Needs More Productivity Jobs to Turn Population Growth into Economic Gains, Study Finds https://astanatimes.com/2026/07/kazakhstan-needs-more-productivity-jobs-to-turn-population-growth-into-economic-gains-study-finds/
Kazakhstan’s employed population could increase by 1.9 million people by 2040, offering the country a significant demographic advantage, but harnessing that potential will depend on its ability to create more high-productivity jobs, according to preliminary findings from a labor market study by the Eurasian Fund for Stabilization and Development (EFSD). Presented at the Eurasian Development […]
Read moreSerbia’s new accounting law: What it will mean for your company?
Higher size thresholds, sustainability reporting, tougher rules for bookkeeping agencies — a practical guide for managers and finance professionals to a reform that is still a draft, but worth preparing for now. Serbia is rewriting the rulebook that governs how companies keep their books and report their results. If you own or manage a company […]
Read moreGovernment updates work residence permit rules for foreigners
The Georgian government has approved amendments to the rules governing the issuance of work residence permits for foreign nationals. The changes to the resolution ‘On Approval of the Procedure for Consideration and Decision-Making of the Issue of Residence Permits in Georgia’ require foreigners engaged in activities covered by the Law on Labor Migration to submit […]
Read moreGeorgia Discusses Joint Business Projects with Uzbekistan
Regular meeting of the Uzbek-Georgian Business Council took place in Tbilisi on 1 July 2026. It prepared the state visit of the President of Uzbekistan, Shavkat Mirziyoyev, to Georgia.
Prospects for expanding trade and economic cooperation, developing industrial cooperation, and implementing new investment projects were in the spotlight of the discussion.
The Deputy Chairman of the Chamber of Commerce and Industry of Uzbekistan, Odilkhon Rustamov, the President of the Georgian Chamber of Commerce and Industry, Giorgi Pertaia, and representatives of leading business circles from both countries attended the meeting.
Positive dynamics in bilateral economic cooperation was noted by participants. The volume of mutual trade reached US$267.6 million by the end of 2025. Meanwhile, it stood at US$89 million in 2017. US$77.2 million of this total volume were accounted for Uzbek exports to Georgia. Meanwhile, imports from Georgia attained US$190.4 million.
Both parties agree that they will increase mutual trade turnover to US$1 billion due to effective utilization of the free trade regime and transport and logistics potential.
Also, the pharmaceutical sector, electrical engineering and chemical industries, construction materials production, agricultural processing, textiles, winemaking, as well as in the fields of transport and logistics have a great potential for implementing joint projects.
Mutual intention to intensify interaction between the business communities of Uzbekistan and Georgia, support joint investment projects, and consistently develop cooperation within the framework of the Uzbek-Georgian Business Council was reaffirmed following the meeting.
Source Link
Read moreWorking Abroad: What to Check in the Employment Contract to Avoid Falling into a Trap
Avoid vague wording – there should be a clear list of exactly what you will be doing. Before signing an employment contract for work abroad, it is worth carefully checking all its terms, as risks may be hidden in the details. The State Labor Service explained that the contract must be written in a language […]
Read moreGovernment continues with measures to stimulate investment, exports, employment
Prime Minister Professor Đuro Macut, MD, DSc, chaired today a session of the Council for the Coordination of Activities and Measures for Gross Domestic Product (GDP) Growth, at which macroeconomic and other key challenges were reviewed, along with current economic indicators and the further priorities of economic policy. It was noted at the session that […]
Read moreKazakhstan’s most productive economic sectors revealed
Labor productivity in Kazakhstan rose by 2% year-on-year in the first quarter of 2026, Qazinform News Agency cites the Bureau of National Statistics. According to the bureau, average labor productivity across the economy stood at 3 million tenge per employed person. The figure reached 4.4 million tenge in the goods-producing sector and 2.5 million tenge […]
Read moreUzbekistan and Georgia Discuss Joint Business Projects
The Uzbek-Georgian Business Council held its regular meeting in Tbilisi on 1 July 2026, ahead of the state visit of the President of Uzbekistan, Shavkat Mirziyoyev, to Georgia. Participants discussed prospects for expanding trade and economic cooperation, developing industrial cooperation, and implementing new investment projects. The meeting was attended by the Deputy Chairman of the […]
Read more