Our Services - Nonagon Chartered Accountants

Serbian Accounting Framework: Serbian Accounting Framework is IFRS related. Certain differences may arise from time to time due to the time needed for the local Parliament to adopt the new standards and publish them in the local Gazzette. For example, the IFRS 16 „Leases“ has been introduced as mandatory from 1st January 2021, while the original IFRS 16 was applicable to all entities starting from 1st January 2019.
Statutory internal acts:
- Includes consultancy regarding the selection of the relevant accounting framework for your entity in Serbia in accordance with legally prescribed limits. We have also great experience in development of mandatorily prescribed internal acts such as „The Accounting Policies“ tailor made for your entity in Serbia. The classification criteria for determination of the entity’s size in Serbia is determined by the level of income, assets and number of employees.
- Serbia has prescribed the content of the invoice and the invoice form itself (electronic or paper), as well as the use of SEF (system of electronic invoicing) in certain cases. For example, a valid invoice should at a minimum contain the following prescribed information on it:
  - 1. name, address i TIN (tax identification code) and registry number (in case of sale of goods only) – for the invoice issuer;
    2. place, number and date of invoice;
    3. name, address i TIN (tax identification code) – invoice receiver;
    4. type, quantity and description of goods delivered or services rendered;
    5. date of execution of delivery or services and amount of advance payments, if any;
    6. tax base amount;
    7. tax % rate applied;
    8. amount of VAT calculated on tax base amount;
    9. note quoting the legal article regarding VAT treatment;
    10. name of person responsible for issuing invoice.
- SEF options: voluntary registration, mandatory registration for all VAT registered entities, etc. The SEF system is being constantly updated by the Ministry of Finance and is envisaged to include all purchases and sales to non-VAT registered entities in Serbia, as well.
Book-keeping:
- Production of all accounting records by entering all financial transactions and keeping business books in accordance with the relevant laws,
- Gathering and processing of all business documents on a daily/weekly or monthly level,
- Compliance checking regarding the documentation received in accordance with domestic accounting standards and regulations
- Processing of the accounting documentation and preparation of the financial reports necessary for the reporting package,
- Registering the daily transactions in accordance with the accounting principles and regulations of the Law on Foreign Exchange Operations, International Accounting and Financial Standards and in accordance with IAS/IFRS,
- Adjustment of monthly, quarterly and annual balance sheets (bank statements, received and issued invoices and all other relevant reports),
- Keeping a register of fixed assets, registering inventory and financial bookkeeping and monthly aligning of the general ledger with the register,
- Filing of tax return forms for regular taxes and employee contributions.
Submission of monthly, annual and one off tax returns according to Client’s requirements (property tax, VAT, employment taxes, annual tax on profits, etc).