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National Accounting Standard 9 will help you prepare Directors’ Report

Published in May 15, 2014, National Accounting Standard (NAS) No. 9 "Directors’ Report" is to provide assistance in the preparation of the Directors’ Report , in accordance with Article 49 of the Accounting Act, and also disseminate good practices in the scope of the presentation of financial information. The Standard applies to Directors’ Reports prepared for the financial year commenced in 2014, and it is intended for entities preparing Financial Statements in accordance with the Accounting Act and IAS/IFRS. The indications included in the Standard refer to both single entities as well as capital groups.

NAS 9 specifies the nature, objective and qualitative features of the Directors’ Report. It strongly emphasizes the objective, meaning the provision of information being a supplement to the Financial Statement and Additional Notes, with which the Directors’ Report is strongly connected. The Standard many times indicates that in analyzing  the said financial documents prepared by a given entity, the user should be able to provide an opinion on its future. The quality of the Directors’ Report in accordance with NAS 9 is, in turn, determined by 4  features: reliability, usability, comprehensibility and comparability, which define the usefulness of this document.

The indications included in NAS 9 are of an optional nature (in accordance with Article 10.3 of the Accounting Act, "the entities may apply the national accounting standards (...)"),  hence one may expect that the standard will find its application mainly among companies listed on the Stock Exchange, in relation to which the expectations of the shareholders are greater, and also those entities that attach greater importance to transparency.

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