NUCLEAR POWER IN BELARUS AND WORLDWIDE
MINSK, 15 June (BelTA) – The importance for investors of a transparent system of financial reports in compliance with international standards is understood in Belarus, BelTA learned from Chairwoman of the Economy, Budget, and Finance Commission of the Council of the Republic of the National Assembly of Belarus Tatiana Runets.
The senator noted that creating a favorable investment climate is a complex task. To fulfill the task, it is insufficient to reduce the tax burden on commercial entities, make available qualified workforce in the regions or a well-developed transport and logistics infrastructure. “It is extremely important to present an informative and transparent reporting system, which is adapted to international standards and can be understood by potential investors,” Tatiana Runets stressed.
She reminded that Belarus made an important step in this direction back in 2013 when the need for enterprises of strategic importance to compile annual consolidated statements in accordance with the International Financial Reporting Standards (IFRS) was legislated. “The matter of expanding the list of such enterprises upon authority of the central government and with enterprises that meet certain criteria is on the economic agenda today. The government, the parliament, and the relevant expert organizations are already jointly working on the relevant bill,” the senator said.
Tatiana Runets added that bookkeeping departments of Belarusian companies have to meet radically higher requirements due to the transition to the system of IFRS-compliant reports. “The veracity of the reports, which are compiled according to the new principle, and hence the potential level of risk for investors will depend on their competence,” the senator is convinced.
