Converting Enterprise Accounting Systems in Emerging Economies : A Case Study of Bosnia

This paper discusses the process being used in Bosnia to convert the books of Bosnian enterprises so that they will comply with the new Bosnian accounting standards, which are identical to International Accounting Standards. Bosnian accountants were generally not familiar with the new rules, since most practicing accountants did not study them at the university. So the conversion process had to start by educating Bosnian accountants in the new rules. This process began with a series of seminars, followed by on-site visits to enterprises. Audit firms also had to be trained so that they would be able to audit the books of the enterprises. The process used to accomplish this task is similar in some respects to the process USAID used in its other accounting reform projects. But the Bosnian case is also different in some important respects