Financial Reporting

Tax System and Financial Reporting Operations in Banks

Bearing in mind that taxes are a very important issue in the operations of banks, and especially in the context of a complex tax system, such as the tax system of the Republic of Serbia, at the initiative of the ASB Board of Directors, on 1 September 2013, a new group of operations was formed at the ASB, to provide expert assistance to banks concerning the implementation of tax regulations, to launch initiatives for the adoption of amendments to tax laws, to participate in their preparation, and to mediate between the competent authorities and the banking industry in obtaining official interpretations of tax regulations.

Starting from the fact that profit taxation is directly related to the financial statements of banks, these transactions are connected to the financial reporting operations of banks.

In the field of ​​financial reporting of banks, it is of note that the NBS has prescribed the direct implementation of International Financial Reporting Standards regardless of whether there is a translation into Serbian or not. Thus, in the past few years, banks in Serbia have been equated with EU banks in this field. Due to the detailed regulations and the importance of banks for the financial stability of the country, this matter has become extremely complex and requires continuous monitoring of numerous regulations, both concerning tax-accounting and banking.

The activities of the ASB in these areas are primarily conducted through the ASB Taxation System Operations Committee and the ASB Accounting Committee, as well as in cooperation with other ASB committees , depending on the issues under consideration.

Within the most significant activities of the Association in these areas, we highlight the following:


  • organising and coordinating the work of the ASB Accounting Committee and the ASB Taxation System Operations Committee;
  • providing expert assistance to banks in the implementation of existing, revised and new International Financial Reporting Standards (IFRSs) due to the numerous changes that accompany this process;
  • providing expert assistance to banks in the implementation of tax regulations, consideration and clarification of outstanding issues through the active cooperation of the Association with the Ministry of Finance and the Tax Administration;
  • assistance in the unified resolution of current issues in the implementation of IFRS and taxes from the aspect of comprehensive consideration of business transactions in banks (accounting, taxes, risks) by organising joint meetings of tax and accounting committees, round tables, seminars);
  • mediating the implementation of regulations governing the accounting system through the regulatory bodies of the National Bank of Serbia and the Ministry of Finance;
  • launching initiatives to refine, i.e. amend or supplement certain legal solutions in the field of taxation;
  • organising and participating in expert discussions for commercial bank representatives on draft laws and other regulations;
  • organising workshops and roundtables on current tax and accounting issues;
  • organising an annual conference dedicated to the preparation of the annual financial statement that includes all relevant accounting and tax topics.

The ASB Accounting Committee comprises the representatives of the following banks:

  1. Adriatic Bank a.d. Belgrade;
  2. Agroindustrijsko komercijalna banka AIK banka a.d. Belgrade;
  3. Banca Intesa a.d. Belgrade;
  4. Postal Savings Bank a.d. Belgrade;
  5. Erste Bank a.d. Novi Sad;
  6. Eurobank a.d. Belgrade;
  7. Komercijalna banka a.d. Belgrade;
  8. Raiffeisen Bank a.d. Belgrade;
  9. Unicredit Bank Serbia a.d. Belgrade;
  10. OTP Bank a.d. Belgrade.
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