Under the Croatian National Accounting Law, the following categories of entities are required to use IFRSs*:
- All listed companies and those that are preparing to go public.
- All financial institutions
- All large enterprises. Large enterprises are those that exceed two of the following three criteria:
- revenue higher than HRK 216 million
- total assets higher than HRK 108 million
- number of employees greater than 250
- Any other companies as required by financial sector supervisory authorities
- All who are composing consolidated financial statements according to IFRSs
All other enterprises can voluntarily choose to use IFRSs, or they can use standards adopted by Financial Reporting Standards Board (currently that means IASs as they existed in 2000).
*It is important to note that the National Accounting Law requires enterprises that use IFRSs to use IFRSs translated and published in the National Gazette by the Croatian Financial Reporting Standards Board. Currently that means IFRSs as of 31 March 2004. Therefore, IFRSs 6, 7 and 8 have not been translated or published, and some amendments to IASs and IFRSs since 31 March 2004 are not reflected.
In their audit reports on financial statements that conform to these standards, the auditors refer in various ways to the financial reporting framework:
- in accordance with IFRSs
- in accordance with the Law on Accounting and IFRSs
- in accordance with the Law on Accounting
- in accordance with IFRSs as published in the National Gazette
The framework is described in similar ways in the basis of presentation note.
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