Republic of North Macedonia - Report on the Observance of Standards and Codes (ROSC) Accounting and Auditing - Accounting and Auditing Standards

Jul 19, 2026

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A World Bank ROSC assessment for the Republic of North Macedonia evaluates the country’s accounting and auditing framework, including accounting and auditing standards, institutional arrangements for corporate financial reporting, and sector-specific reporting requirements. The review synthesizes observed financial reporting practices and perceptions across listed companies, banking, insurance, pension funds, state-owned enterprises, and the accountancy profession. It also highlights key changes since the previous ROSC assessment and identifies priority findings and areas for consideration, supported by annexes on progress and EU-related alignment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages136

Reading Time5 h 43 min

AccessFree to download

Abbreviations

Preface

Acknowledgements

Executive Summary

I. Introduction

II. Assessment

A. Accounting and Auditing Standards

B. Institutional Framework for Corporate Financial Reporting

C. Observed Financial Reporting Practices and Perceptions

III. Main Changes since the Previous ROSC A&A Assessment

IV. Key Findings and Areas for Consideration

Annex A. Progress on ROSC 2014 Recommendations

Annex B. Transposition of EU Requirements Related to the Content of Notes

Annex C. Progress of Regulatory Changes Addressed in Draft Laws on Accounting and Audit and Further Alignment with EU Acquis

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized November 2025 © 2026 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; [Internet: www.worldbank.org](Internet: www.worldbank.org) This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. This publication has been produced with the assistance of the European Union. Its contents are the sole responsibility of the World Bank Group and do not necessarily reflect the views of the European Union. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [pubrights@worldbank.org](pubrights@worldbank.org). Table of Contents 1 TABLE OF CONTENTS Abbreviations 2 Preface 4 Acknowledgements 5 Executive Summary 6 I. Introduction 18 II. Assessment 22 A. Accounting and Auditing Standards 22 B. Institutional Framework for Corporate Financial Reporting 26 1. General Financial and Sustainability Reporting Requirements 27 2. Listed Companies 36 3. Banking Sector 46 4. Insurance Sector 57 5. Pension Funds 66 6. State-Owned Enterprises 69 7. The Accountancy Profession 72 8. Professional Education and Training 80 9. Audit Regulation, Quality Assurance, and Public Oversight 81 10. Setting Accounting and Auditing Standards 89 C. Observed Financial Reporting Practices and Perceptions 90 III. Main Changes since the Previous ROSC A&A Assessment 111 IV. Key Findings and Areas for Consideration 113 Annex A. Progress on ROSC 2014 Recommendations 121 Annex B. Transposition of EU Requirements Related to the Content of Notes 127 Annex C. Progress of Regulatory Changes Addressed in Draft Laws on Accounting and Audit and Further Alignment with EU Acquis (as of December 31, 2024) 132 2 Abbreviations ABBREVIATIONS ACCA AGM CASAP CAOA CPD CSRD EBRD ESG ESRS EU EUR FDI GAAP GDP I&D IACA IAASB IAESB IAS IASB ICARNM IES IESBA IFAC IFIAR IFRS IFRS for SMEs Association of Chartered Certified Accountants Annual General Meeting Council for the Advancement and Supervision of the Accounting Profession of the Republic of North Macedonia Council for the Advancement and Oversight of the Audit of the Republic of North Macedonia Continuing Professional Development Corporate Sustainability Reporting Directive European Bank for Reconstruction and Development Environmental, Social and Governance European Sustainability Reporting Standards European Union Euro (currency) Foreign Direct Investment Generally Ac

FAQs

What does the ROSC accounting and auditing report assess in North Macedonia?

It assesses accounting and auditing standards, the institutional framework for corporate financial reporting, and observed financial reporting practices and perceptions across key sectors.

Which sectors are covered under the institutional framework for corporate financial reporting?

The report includes listed companies, the banking sector, the insurance sector, pension funds, state-owned enterprises, and the accountancy profession, along with professional education and training and audit oversight.

How does the report treat changes since the previous ROSC assessment?

It presents main changes since the previous ROSC A&A assessment and summarizes key findings with areas for consideration, supplemented by annexes on progress and EU requirement alignment.

Jul 19, 2026

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