MINSK, 26 September (BelTA) – The quality of corporate reporting will be evaluated in Belarus using the methods of the United Nations Conference on Trade and Development (UNCTAD), Belarus' Deputy Finance Minister Dmitry Kiyko said at a session to discuss such an evaluation on 25 September, BelTA has learned.
The arrangement to conduct this research was reached following the 34th session of the UNCTAD Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting. “The evaluation will use on a point-based system of assessing answers to the questions developed by the International Working Group of Experts. The areas to be covered by the research include legal framework, institutional base, human resources and some others,” Dmitry Kiyko said.
He emphasized that this research is highly relevant for Belarus. The country has already introduced international financial reporting standards that are obligatory for some key organizations starting from the 2016 financial year. Work is underway to introduce international auditing standards in Belarus, Dmitry Kiyko reminded.
Amendments to the law on auditing activities have been elaborated. The bill is in the final stage of approval by stakeholders. The research will reveal strong and weak points of the reforms. It will help determine priority targets in implementing international financial reporting and auditing standards. The research can be viewed as an efficient platform to achieve the country's key development targets, including targets related to foreign investments,” Belarus' deputy finance minister informed.
Taking part in the session in Minsk were representatives of the UNCTAD expert community. They discussed the details of the forthcoming research, including international practices. Similar research projects were held in a number of countries, including Russia, Kazakhstan and Ukraine.
