The introduction of the international financial reporting standards (IFRS) in Belarus will help improve the investment climate. Belarusian Finance Minister Vladimir Amarin made the statement in an interview published in the September edition of the Ministry’s magazine Finance. Accounting. Auditing.
According to the source, for the sake of effective implementation of the decision in favor of introducing IFRS in Belarus as from January 1, 2017 chief accountants of public interest entities will have to be certified as professional accountants. Vladimir Amarin stressed that changes of the regulations on bookkeeping are designed to harmonize Belarusian rules with international ones, harmonize them with the international financial reporting standards, create a favorable investment climate, improve the authenticity of accounting records. Foreign investors and any external users will be able to evaluate the real financial state of an organization and make an economically justified decision on investments, the Finance Minister believes.
According to Vladimir Amarin, the national auditing rules are being improved and harmonized with international standards as part of the efforts to harmonize the legislation of the Eurasian Economic Union member states. A draft agreement on auditing is in development. The document provides for introducing international auditing standards in the Eurasian Economic Union in 2018.
At present 59 auditing organizations in Belarus employ 227 specialists with international qualification in the area of international financial reporting or auditing standards. The qualification allows them to audit IFRS-compliant reports.
“It is particularly topical in view of the decision of the government and the central bank to introduce international financial reporting standards in Belarus as from January 1, 2017”, Vladimir Amarin concluded. (BelTA/Business World Magazine)
