On the implementation in Belarus International Financial Reporting Standards and their Interpretations

On the implementation in Belarus 
International Financial Reporting Standards and their 
Interpretations

Resolution of the Council of Ministers. September 16, 2019 No. 622/15

Legislation fixes the obligation for socially significant organizations to prepare annual consolidated financial statements in accordance with IFRS.

Resolution introduces:

  • International Financial Reporting Standards document “Determination of Materiality” (Amendments to IAS 1 and IAS 8);
  • International Financial Reporting Standards document “Defining a Business” (Amendments to IFRS 3);
  • International Financial Reporting Standards document “Amendments to the references to the Conceptual Framework in IFRS” (Amendments to IFRS).

The resolution comes into force on January 1, 2020.

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