Skopje, 16 October 2023 (MIA) - Within the Phase II of the EU-funded Regional Programme for Strengthening Central Bank Capacities in the Western Balkans, aimed at meeting the criteria and the terms for integration into the European System of Central Banks (ESCB), the National Bank of the Republic of North Macedonia (NBRNM) introduced the bilateral measure in relation to accounting policies in accordance with "Guideline of the European Central Bank on the legal framework for accounting and financial reporting in the European System of Central Banks."

The first expert mission for the bilateral measure, which took place in the period 4 - 6 October 2023, was led by two experts from the Croatian National Bank. The primary goal of the mission is to share and increase the knowledge of the NBRNM experts about the necessary preparatory activities for the introduction of Accounting Policies in accordance with the rules of the ECB through the presentation of "ECB Accounting Guideline", practical examples of the implementation of accounting policies, as well as the challenges in financial reporting after joining the European Union, the National Bank said in a press release on Monday.

Several areas have been discussed, including: accounting records and the financial reporting system in the Croatian National Bank, legal solutions related to capital and reserves, valuation of balance sheet items and their presentation in accordance with the accounting rules of the European Central Bank and differences in relation to International Financial Reporting Standards - IFRS, the development of software solutions, as well as the process of parallel accounting by both methods and reporting in the period before the Croatian National Bank joined the Eurosystem.

"The knowledge gained from the cooperation with the experts of the Croatian National Bank, who wholeheartedly shared their knowledge, experience and established practices, are of great importance for NBRNM in the process of implementing the preparatory activities for the application of the rules defined in the “ECB Accounting Guideline," reads the press release.

Photo: National Bank