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Some additional IFRS reporting standards adopted in Belarus

Belarus introduces 8 new international financial reporting standards. In accordance with the joint resolution of the Council of Ministers and the National Bank of July 28, 2021 No. 433/8, 8 documents of International Financial Reporting Standards (IFRS) are introduced in the territory of the Republic of Belarus as technical normative legal acts.

 

The list includes the following IFRS documents:

 

·         Amendments to International Financial Reporting Standard (IAS) 37 Provisions, Contingent Liabilities and Contingent Assets;

·         Amendments to International Financial Reporting Standard (IFRS) 17 Insurance Contracts;

·         Amendments to International Financial Reporting Standard (IFRS) 3 Business Combinations;

·         Amendment to International Financial Reporting Standard (IFRS) 1 First-time Adoption of International Financial Reporting Standards;

·         Amendment to International Financial Reporting Standard (IFRS) 9 Financial Instruments;

·         Amendment to International Financial Reporting Standard (IAS) 41 Agriculture;

·         Amendments to International Financial Reporting Standard (IAS) 16 Property, Plant and Equipment;

·         Interest Rate Reform - Phase 2 (Amendments to International Financial Reporting Standard (IFRS) 9, International Financial Reporting Standard (IAS) 39, International Financial Reporting Standard (IFRS) 7, International Financial Reporting Standard (IFRS) 4 and International Financial Reporting Standard reporting (IFRS) 16) ".

 

These IFRS documents will become effective after the official publication of the resolution.

 

Also, a new edition of the legal act sets out the International Financial Reporting Standard (IFRS) 17 "Insurance Contracts" (Appendix 1 to the Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated March 1, 2018 No. 170/5).

 

Businesses looking to receive management reporting in IFRS standards from their Belarusian subsidiaries may have a hard time finding the right specialists to do them, as the amount of know-how in this field in Belarus is currently still limited. If you are looking to get IFRS or other complex management reporting from your Belarusian company, get in touch with us for assistance.


19.08.21


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