Croatia Croatian Association of Accountants and Financial Experts Response to IFAC Member Body Survey on Standard Setting and Regulation World Bank ROSC Accounting and Auditing Report. Zagreb: Financial Reporting Framework in Croatia (Updated August 2009) Under the Croatian National Accounting Law (updated 24 October 2007), 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 260 million total assets higher than HRK 130 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. Recent adoptions of IFRSs by the Board include: IFRSs 6 and 7 were translated and published in the National Gazette No 30 at 12 March 2008 (effective date - for annual periods beginning on or after 1 January 2008), Link to Publication IFRS 8 was translated and published in the National Gazette No 29 at 6 March 2009 (effective date - for annual periods beginning on or after 1 January 2009) Link to Publication Amendments to IAS 39 were published in the National Gazette No 137 at 26 November 2008 Link to Publication Amendments to IFRSs 6 and 7 were published in the National Gazette No 137 at 26 November 2008 Link to Publication 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. Click for: Link to Croatian National Accounting Law as published in the national gazette.