New International Financial Reporting Standards and their Clarifications adopted by the International Financial Reporting Standards Foundation are being set in Belarus.
According to Resolution of the Council of Ministers of the Republic of Belarus as of March 1, 2018, No. 170/5, from January 1, 2019, the following technical regulations will be set:
International Financial Reporting Standard (IFRS) 17 “Insurance Contracts” as per Annex 1;
Clarification of IFRIC 23 “Uncertainty in relation to the rules for calculating income tax” as per Annex 2;
the document of International Financial Reporting Standards “Long-term investments in associates and joint ventures (Amendments to International Accounting Standard (IAS) 28)” as per Annex 3;
the document of International Financial Reporting Standards “Conditions for prepayment with potential negative compensation (Amendments to International Financial Reporting Standard 9)” as per Annex 4;
the document of the International Financial Reporting Standards “Annual Improvements to IFRS, 2015-2017” as per Annex 5.
These standards will operate on the territory of the Republic of Belarus as technical normative legal acts. This means that they do not replace and do not abolish the current national legislation in the field of accounting and reporting, but they are applied in parallel.
Socially significant organizations (open joint-stock companies that are founders of unitary enterprises and (or) the principal economic companies in relation to subsidiary economic companies, banks and non-bank financial institutions, insurance organizations) are obliged to apply these standards when preparing financial statements in accordance with IFRS. For other organizations that are not socially significant, the obligation to report in accordance with IFRS is not legally established.