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Thursday 21 January 2021

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Belarus adopts IFRS Standards for all public interest entities

 21 September 2016

On 19 August 2016, the Belarus Council of Ministers and the National Bank of the Republic of Belarus formally adopted an act (19 August 2016 № 657/20) by which IFRS Standards in effect on 1 January 2015 (the 2015 ‘Blue Book’) became a part of the Belarusian legislative framework, effective 1 January 2017. Financial statements for 2016 will be restated using IFRS Standards.

Public interest entities include:

  • companies whose securities are traded in a public market;
  • banks;
  • non-banking financial organisations; and
  • insurance companies.

National Bank Regulation No. 185 dated 27 September 2007 had already required all banks and nonbanking financial organisations to present their financial statements in conformity with IFRS Standards.

To view the profiles on the use of IFRS Standards in 147 jurisdictions, including Belarus, click here.

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