|Title:||Development of the Power Sector Accounting|
|Country:||Bosnia and Herzegovina|
|Dates:||February, 1998 - December, 2000|
The power sector in BiH suffered extensive damage during the war with Serbia and Croatia and was subsequently divided into three territorial companies called EPBiH, ERS and EPM.
The power system in BiH is based largely on coal and hydro generation.
As the restructuring of the sector has proceeded, the development of effective financial management practices and systems has become a priority. This not only helped the new companies to commercialise their management practices, but also facilitated the privatisation of some or the entire sector.
In 1998, Corporate Solutions was awarded a contract by the EBRD to assist the three power companies with restructuring their finance and accounting practices and implementing procedures for the production of financial statements compliant with International Accounting Standards (IAS).
For over two years, three teams of consultants have been providing consultancy and training to the three companies in finance and accounting. These companies are now producing their annual audited financial statements to IAS and are in the process of procuring and implementing integrated computerised accounting systems.
Corporate Solutions was part of a consortium selected by OBNOVA to bid for a 2 million Euros project to restructure the whole of the power sector in BiH.