Accounting and accounting rules in Montenegro

Accounting Rules

Tax Year

The tax year corresponds to the calendar year.

Accounting Standards

Montenegrin accounting is based on the International Financial Reporting Standards (IFRS).

Accounting Regulation Bodies

Council for Accounting and Auditing

Accounting Reports

Accounting structures must present balance sheets and profit and loss accounts.

Publication Requirements

According to the Law on accounting and audit, all legal entities must submit their financial statements annually. According to the Law on business organizations, joint stock companies must submit their financial report with the audit report. Only foreign companies do not have to submit a financial report.

Professional Accountancy Bodies

Association of Montenegrin accountants and auditors

Certification and Auditing

An audit may be performed by a person who is a certified accountant. You can contact the Association of Montenegrin accountants and auditors or an external auditor: Deloitte, KPMG, PricewaterhouseCoopers.

Accounting News