Converting Enterprise Accounting Systems in Emerging Economies: A Case Study of Bosnia

Robert McGee and Senad Pekmez
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Senad Pekmez: KPMG

Chapter 2 in Accounting Reform in Transition and Developing Economies, 2008, pp 33-43 from Springer

Abstract: This chapter discusses the process being used in Bosnia to convert the books of Bosnian enterprises so that they will comply with the new Bosnian accounting standards, which are identical to International Accounting Standards. Bosnian accountants were generally not familiar with the new rules, since most practicing accountants did not study them at the university. So the conversion process had to start by educating Bosnian accountants in the new rules. This process began with a series of seminars, followed by on-site visits to enterprises. Audit firms also had to be trained so that they would be able to audit the books of the enterprises. The processused to accomplish this task is similar in some respects to the process United States Agency for International Development (USAID) used in its other accounting reform projects. But the Bosnian case is also different in some important respects. The USAID, EU-TACIS, the World Bank, and other groups have funded accounting reform projects in Eastern Europe, the CIS, and other parts of the world for several decades. Accounting reform projects have taken place in several African countries, Belarus (Sucher and Kemp, 1998; Pankov, 1998); Poland (Adams and McMillan, 1997; Jermakowicz and Rinke, 1996; Rolfe and Doupnik, 1995); the Czech Republic (Jermakowicz and Rinke, 1996; Rolfe and Doupnik, 1995); Hungary (Jermakowicz and Rinke, 1996; Rolfe and Doupnik, 1995); Uzbekistan,Turkmenistan, Kyrgyzstan, and Tajikistan (Crallan, 1997); Kazakhstan; Madagascar (Berry and Holzer, 1993); and Armenia (McGee, 1999b). In recent years there has been an increasing focus on accounting reform in developing and newly industrialized countries (Wallace, 1993; Larson and Kenny, 1996).

Keywords: Audit Firm; International Account Standard; Extraordinary Item; Seminar Leader; Republika Srpska (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-0-387-25708-2_2

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DOI: 10.1007/978-0-387-25708-2_2

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