MINSK, 3 January (BelTA) – The international financial reporting standards (IFRS) and international accounting standards (IAS) are now in effect in Belarus. The step is stipulated by the joint resolution issued by the Council of Ministers of Belarus and the National Bank of the Republic of Belarus on 30 December 2016, BelTA has learned.
In line with resolution No. 1119/35 a number of IFRS subsets are introduced in Belarus as technical laws and regulations as of 1 January 2017. The number includes IFRS 9 Financial Instruments and IFRS 16 Leases.
Apart from that, Belarus adopted the following documents regulating accounting and financial reporting standards: Accounting for Acquisitions of Interests in Joint Operations (amendments to IFRS 11 Joint Arrangements), Clarification of Acceptable Methods of Depreciation and Amortization (amendments to International Accounting Standards (IAS) 16 and IAS 38), Agriculture: Bearer Plants (amendments to IAS 16 and IAS 41), and Equity Method in Separate Financial Statements (amendments to IAS 27).