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Belarus

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Financial Reporting Framework in Belarus

In July 2013, Belarus passed an Accounting Law (link to Ministry of Finance website, available in Belarusian only) requiring IFRS for the consolidated financial statements of all public interest entities starting 1 January 2017 with restatement of the 2016 financial statements at that point of time. On 19 August 2016, the Belarus Council of Ministers and the National Bank of the Republic of Belarus formally adopted act № 657/20 specifying that IFRS means IFRSs in effect on 1 January 2015.

Public interest entities include:

  • companies whose securities are traded in a public market;
  • banks;
  • nonbanking financial organisations; and
  • insurance companies.

Also, IFRS are permitted for the subsidiaries of such companies.

Currently, only banks apply IFRSs in Belarus (since 2008). They also have to apply IFRSs when preparing their separate financial statements.

Foreign companies whose securities trade in a public market in Belarus are permitted to use IFRS in their consolidated financial statements.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.