Financial statements

Greek jewelry maker Folli Follie said on Thursday it had appointed a new chief executive officer and operations chief for its Asian business, which has been at the center of an accounting scandal that has led to judicial and stock market investigations.

Investment banking company Rothschild has reportedly resigned as principal financial advisor to troubled jeweller Folli Follie Group (FFG), shortly before the deadline for the publication of the forensic and financial reviews on both in the parent company and its subsidiaries, Greek news website euro2day.gr reported on Tuesday.

More than half of the political parties which, by law, are obliged to file their financial statements for 2016 with the National Audit Office have not done deposited their documents yet.

The deadline for submitting the financial statements together with the lists of natural persons who have made donations expires on March 31.

It is the requirement of the state to audit how public money is being spent. Throughout history, states have undertaken this auditing function differently according to the structure, size and culture of their states. 

Bulgaria's government has approved a draft Accountancy Act envisaging anti-red tape provisions.

The bill complies with the EU Directive on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, according to a media statement of Bulgaria's Council of Ministers.

BELGRADE - A special team of at least six auditors will be tasked with controling how the parliamentary parties in Serbia are spending the money they receive from the state coffers, Belgrade-based daily Novosti reports in its Tuesday issue.