MINSK, 28 November (BelTA) – 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 during the international conference held on 28 November to discuss the state and consequent steps in introducing the IFRS in Belarus, BelTA has learned.
According to the source, 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, which are 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 are considering introducing the IFRS initially for companies, which revenue will 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, explained Tatiana Rybak.
As many as 42 international financial reporting standards will be enforced in Belarus as from 1 January 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.
The international conference on applying international financial reporting standards in Belarus was organized by the Belarusian Finance Ministry in association with the consulting company OOO YurSpektr.
