Financial Reporting Requirements

Large business organizations and all business organizations registered as limited liability companies or shareholder companies in Kosovo, shall apply International Financial Reporting Standards (IFRS), including interpretations, recommendations and guidance issued by the International Accounting Standard Board, as approved by the Kosovo Council for Financial Reporting (KCFR)

Consolidated financial statements of relevant business organizations shall be in accordance with Directive 78/660/EEC of EU and IFRS

Financial statements shall be audited by statutory audit firms or auditors that are licensed to carry out statutory audits by the KCFR

All statutory audits in Kosovo, which include all audits required under this law, and external independent audits of other business or not-for-profit, socially owned or publicly owned enterprises or other entities as mandated by other applicable laws in Kosovo shall be carried out in accordance with the International Standards of Auditing (ISAs), and related interpretations, guidance and pronouncements of the International Auditing and Assurance Standards Board (IAASB), and by auditors that are approved by the KCFR to carry out statutory audits