In view of recommendations of the International Monetary Fund (IMF) Belarus is considering ways to introduce the International Financial Reporting Standards (IFRS) at major state-run enterprises. The statement was made by Belarusian Deputy Finance Minister Dmitry Kiyko.
The law requires a number of Belarusian enterprises to present annual consolidated reports in accordance with the International Financial Reporting Standards and such reports have to be audited. Apart from that, as part of the talks with the IMF Belarus has been asked to increase the number of enterprises, which will be requested to produce IFRS-compliant reports. In particular, the IMF recommends introducing the International Financial Reporting Standards at major enterprises, owned by the state or the central government.
Tatiana Rybak, Head of the Central Office for Accounting, Reporting and Audit Regulations of the Belarusian Finance Ministry, specified that they were considering introducing the IFRS initially for companies, the revenue of which would exceed $30 million in 2017 and $15 million in 2018. The recommendation will apply to enterprises with a major state share. The Finance Ministry also intends to introduce international auditing standards in Belarus. The work will begin after the agreement on setting up a common market of auditing services in the Eurasian Economic Union is signed. As many as 42 international financial reporting standards will be enforced in Belarus as of January 1, 2017. They will be accompanied with explanations. About 1,500 corporations of social importance will have to produce IFRS-compliant reports for the year 2016 and in years to come. The figures in these reports will be indicated in Belarusian rubles. (BelTA/Business World Magazine)