New Regulation on Accounting of Non-Profit Organizations Adopted

 
The Government of the Republic of Croatia adopted at its first session of the new mandate, on 17 January 2008, the Regulation on Accounting of Non-Profit Organizations. Until then, the accounting of non-profit organizations had been governed in accordance with the Regulation adopted in 1993 (Official Gazette of the Republic of Croatia 112/93). In the last ten years, accounting systems for entrepreneurs and budget users were changed considerably due to the process of adjustment to new international standards. Meanwhile, the accounting of non-profit organizations remained unchanged and thereby it has not yet been harmonized with abovementioned accounting systems. After the governmental body titled “Special Unit for HITROREZ” had identified some imperfections in the existent valid regulations, however, the preparation of the new Regulation was commenced.
 
Office for Cooperation with NGOs was invited to join the process of preparation of the proposal of the Regulation. As a consequence, its remarks – such as the remark about the excessive criminal provisions – were included into the final version of the Regulation. The latter could be considered as a sound normative foundation for operationalization of a new modern and quality system of accounting for non-profit organizations. The application of the new accounting system should not bring about additional costs to any type of non-profit organizations, including NGOs.
 
Regulation on Accounting of Non-Profit Organizations