Belarus’ move to adopt International Financial Reporting Standards (IFRS) and clarifications on January 1, 2017 will contribute to increasing the transparency of Belarus’ corporate sector for investors and creditors, Pavel Laschenko, EY Belarus Managing Partner, believes.
The IFRS standards will acquire the same legal status as guidelines and provisions of the Finance Ministry of Belarus and will be mandatory for all entities subject to producing IFRS reports annually, starting from reporting year 2016.
International Financial Reporting Standards become mandatory for banks (they have been producing IFRS reports since January 1, 2008), insurance companies and open joint stock companies (OAOs), which have affiliates or subsidiaries (in which OAOs hold a stake exceeding 50%).
As previously reported, all in all, Belarus is adopting 42 IFRS standards and 25 clarifications, including “Presentation of Financial Statements”, “Reserves”, “Cash Flow Statements”, “Accounting Policies, Changes in Accounting Estimates and Errors”, “Leases”, “Revenue”, “Employee Benefits”, “Accounting for Government Grants and Disclosure of Government Assistance”, “Accounting for the Effects of Changes in Foreign Exchange Rates”, “Related Party Disclosures”, “Investments in Associates and Joint Ventures”, “Financial Reporting in Hyperinflationary Economies”. (Prime-TASS/Business World Magazine)