The 3rd XBRL Conference

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The 3rd XBRL Conference
International accounting standards in Serbia -
Practical experience Dr. Stanislav R. Polic,
Professor, Accounting College,
Belgrade Belgrade 18.01.2008
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The 3rd XBRL Conference

• Preconditions for implementing XBRL standards in
  Serbia
• The roots of our problems
• Transition processes
• Lack of experience in Market Economy
• Low level of standardisation

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The 3rd XBRL Conference

• Preconditions for implementing XBRL standards in
  Serbia
• What is needed to be done
• Adjusted Legal Framework Current Law on
  accounting and auditing of 25.5.2006 should be
  implemented and upgraded!
• Proper implementation and harmonisation of
  National and International Accounting Standards
  (IAS, IFRS, ISA)
• Adjusted taxonomy and defined national body for
  the upkeep of the taxonomy
• Availability of localised XBRL portal
• Continuous additional education, of accountants
  as a primary target group

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The 3rd XBRL Conference

• Preconditions for implementing XBRL standards in
  Serbia
• How do we plan to make it
• To enforce activities in promotion of XBRL
  standards Started in 2006/2007, mainly by
  the accountants and ICT sector
• Conference of accountants on Zlatibor
• E-Commerce Conference in Palic
• Articles in related magazines
• To assure legal and institutional support of all
  Governmental and Industrial bodies,
  including related Ministries, National Bank,
  Securities Commission, Chambers of Commerce,
  SBRA, Statistical Offices, Banks and Insurance
  companies, Local offices of big consulting and
  auditing companies, etc.
• To define obligatory timeframe for the
  implementation of XBRL standards,
  especially for the first steps
• To plan and execute intensive education of
  accountants and other interested parties

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The 3rd XBRL Conference

• Preconditions for implementing XBRL standards in
  Serbia
• Which kind of support will be needed
• Knowledge transfer and sharing of the experience
  that more developed economies gained in this
  respect
• Possible forms of it ? Well need a help to
  define it!
• This will be the key point of the Roundtable
  discussion that will follow

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The 3rd XBRL Conference
Preconditions for implementing XBRL standards in
Serbia Thank you ! Now you are all welcome to
take part in Roundtable discussion on possible
ways of XBRL-related knowledge transfer