Operations of the National Bank of Serbia

Pursuant to the Accounting an Auditing Law (Article 2) and Law on the National Bank of Serbia (Article 79), the National Bank of Serbia is under obligation to keep its business books and compile and present its financial statements in accordance with the accounting principles defined by the International Accounting Standards, i.e. under obligation to recognize, assess and present financial statements in line with the International Accounting Standards.

The National Bank of Serbia is obliged to compile and present its financial statements with balances as of the day of 31 December of the current year (Article 24 of the Accounting and Auditing Law).

Financial statements include:

1. balance sheet,
2. income statement,
3. cash flow statement,
4. statement of changes in equity,
5. notes to the financial statements.

As a system, the National Bank of Serbia prepares its financial statements by unifying individual bookkeeping records maintained in its main organizational units: head office, branches and specialized organization – Institute for Manufacturing Banknotes and Coins - Topčider.

With a view to ensuring a consistent flow of information and statistical processing, the Governor prescribes the financial statement forms, i.e. minimum contents and form of data contained therein, by the Rules on Forms and Contents of Positions in the Financial Statements Forms of the National Bank of Serbia (Article 26 of the Accounting and Auditing Law).

The Governor also prescribes Rules on the Chart of Accounts and Content of Accounts of the National Bank of Serbia, according to which the National Bank of Serbia discloses balance of and changes in assets, equity and liabilities, revenues and expenditures, and determines business result.

Auditing of financial statements is compulsory for the National Bank of Serbia (Article 37 of the Accounting and Auditing Law and Article 81 of the Law on the National Bank of Serbia).

The Council of the Governor is required to deliver the annual statement of accounts of the National Bank of Serbia with authorized auditor’s report to the National Assembly no later than by 30 June of the next year (Article 79 of the Law on the National Bank of Serbia).