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New IFRS standards to come into force in Belarus in 2019

Economy 05.03.2018 | 19:05

MINSK, 5 March (BelTA) – New International Financial Reporting Standards (IFRS) will come into force in Belarus in 2019. The decision is laid down by the Council of Ministers' resolution No.170/5 of 1 March 2018, BelTA has learned.

In line with the document as from 1 January 2019 Belarus will embrace international financial reporting standard (IFRS) No. 17 Insurance Contracts, the International Financial Reporting Interpretations Committee's (IFRIC) interpretation No.23 Uncertainty Over Income Tax Treatments, Long-Term Interests in Associates and Joint Ventures (amendment to International Accounting Standard (IAS) No.28), Prepayment Features with Negative Compensation (amendment to IFRS No.9), and the Annual Improvements to IFRS Standards 2015–2017 Cycle.

These standards will be in effect in Belarus in the capacity of technical laws and regulations. They will neither substitute nor cancel the effective national laws on accounting and reporting. Instead both sets of legislation will be used in parallel.

The new standards will be mandatory for public interest entities (public joint-stock companies, which are founders of unitary enterprises or are the parent company in relation to daughter enterprises, banks and non-bank credit and finance institutions, insurance companies) as they compile IFRS-compliant reports. The law does not require other organizations, which are not public interest entities, to compile IFRS-compliant reports.

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