IFAC (International Federation of Accountants) at its Council meeting held in Kuala Lumpur, Malaysia on November the 5th, accepted in full membership Association of Accountants and Auditors of Republic of Srpska (AAARS) as its 141st member.
With this act, IFAC recognized AAARS as a national association which promotes the best practice in the field of accounting and auditing. This is the most important moment in the history of profession of accountants and auditors in Republic of Srpska, because at the World Congress of IFAC they have become part of international family of accountants and auditors. It is important to point out that AAARS is the only organization from the whole world that was accepted as a full member for 2010. IFAC until now had 140 full members, AAARS is the 141st.
Nomination of AAARS was accepted unanimously by the IFAC Council, the most important governing body of IFAC, which consists of all IFAC members. AAARS will also have full voting right in the IFAC Council. IFAC especially commended achieved progress of accounting and auditing profession in Republic of Srpska, which was realized thanks to long and dedicated work of the management of AAARS, as well as its members. Large part of credit for this also goes to Government of Republic of Srpska. Government of RS realizes significance of quality of financial reporting for the economy of a country and has stimulated with its policies and activities the development of accounting and auditing in accordance with best world practice. This event represents a great success for Republic of Srpska, because it has been recognized, by the IFAC as a entity which implements best world practice from this field. This is one of the most important requirements for attracting local and international investors and creating better working environment for economic development and raising standard of living, which has been one of the most important goals of the Government of Republic of Srpska.
AAARS and quality of its work have been supervised for the last five years by the French Association of Accountans and Auditors, IFAC and World Bank. AAARS has been highly evaluated for the quality of its work and results and due to this it has moved from the position of adjoined member to full membership of IFAC which consists from the associations of national interest from all over the world. President of IFAC Robert L. Bunting expressed his satisfaction with the fact that AAARS has become a part of international family, but also pointed out the fact that membership in IFAC also carries the responsibility to harmonize the national development of profession with international conventions and standards. Delegation from Republic of Srpska, which received the charter of full membership, was consisted of Aleksandar Džombic, Finance Minister of Republic of Srpska; President of AAARS PhD Dragan Mikerevic, and PhD Novak Kondic, Secretary General of AAARS. Delegation of Government and Association of Accountants and Auditors of Republic of Srpska, was congratulated on this success by John Hegarty, President of the Centre for Reform of Financial Reporting from Vienna, which represents special divison of World Bank for control of development of accounting, auditing, reform of financial reporting and legislation from this field. On November the 5th 2010. in Kuala Lumpur, profession of accountants and auditors of Republic of Srpska has become part of modern and integrated international practice which implements the highest standards from this field. Delegation of AAARS will participate in full capacity at the 18th World Congress of Accountants in Kuala Lumpur, which gathers incesesantly from 1904.