Podgorica, (Montena-business) – Using in practise the Law on Accounting and Revision, which is based on international standards from these spheres, will help global comparability of financial reports from Montenegrin companies and attract foreign capital for reviving the country’s economy, it was said in the explanation of this act. The Montenegrin Government adopted the proposal of this law at yesterday’s meeting, and it is expected that the proposal soon is going to be discussed also in the Parliament. “Usage of international accounting and revising standards is a condition for successful functioning of the Montenegrin market, which demands a high degree of security for members in market turnover of goods, capital, money and labour” it is written in explanation of the law. As it was said, security means absence of information risk, because market participants estimate the risk degree according to objective and standard financial reports. ”The Law obliges all companies to prepare and show financial reports in harmony with international accounting and revising standards. It doesn’t define thoroughly the accounting procedure, but it obliges companies to write in business books all changes by using the system of double accounting and to respect accounting standards of truth and orderliness” claim the authors of this law. In synchronization with developed accounting culture of European countries, as it was said, the accounting and revising system in Montenegro, according to this law, also will be regulated by professionals from this field. The law regulates, in some special chapters, accounting and revising of the companies’ financial reports. It doesn’t precisely define penalties, but defines usage of complementary penalties from the Laws on CBMN, the Law on Banks, the Law on Securities, the Law on companies, the Law on Insurance, and also from several tax laws and from the Ethic Codex for Professional Accountants, which will be adopted soon. The authors of the law explanation emphasise that all regulations and decisions, which are not opposite to this Law, still will be in use. The Law on Accounting and Revision was adopted in harmony with number 12 point 4 of the Montenegrin Constitution, which defines matters of the Republic’s interest, which is also creating of business books and financial reports and revising it. af/bd