ЗАКОН РЕСПУБЛИКИ БЕЛАРУСЬ

(Unofficial translation)

 

Law of the Republic of Belarus

July 12, 2013 No 57-Z

[Amended as of June 4, 2015]

On Accounting and Reporting

Adopted by the House of Representatives on June 26, 2002
Approved by the Council of the Republic on June 28, 2013

This Law determines legal and methodological bases of accounting, requirements for drawing up and submission of accounting and/or financial reports (hereinafter – reports).

CHAPTER 1
GENERAL PROVISIONS

Article 1. Main terms used in this Law and their definitions

For the purposes of this Law the following main terms and their definitions are used:

assets – property that arose within the organization as a result of performed economic operations, from which the organization anticipates economic benefits;

analytical accounting – detailed reflection of assets, liabilities, equity, income, expenses of an organization on analytic book accounts;

accounting – a system of uninterrupted formation of the information in monetary terms on assets, liabilities, equity capital, income, expenses of the organization through documenting, inventory taking, book estimating, double-entry recording on book accounts, making conclusions in statements;

incomes – increase of economic benefits as a result of increase in assets or decrease of liabilities leading toward an increase of own equity of the organization not related to contributions of the property owner (founders, participants) of the organizations;

national standard of accounting and reporting – a normative legal act determining the rules for accounting of assets, liabilities, own equity, incomes, expenses of the organization and/or disclosure of information in statements;

socially relevant organizations – open joint-stock companies being founders of unitary enterprises and/or main economic companies in relation to affiliated economic companies, banks and non-bank credit-and-finance organizations (hereinafter – banks), insurance organizations;

liabilities – indebtedness of the organization that arose as a result of performed economic operations, the repayment of which will lead toward increase of assets or decrease on own equity of the organization;

organizations – legal persons of the Republic of Belarus, their affiliates, representative offices and other separate divisions having a separate balance sheet, their affiliates and representative offices of foreign and international organizations, holdings, simple partnerships (participants of a contract on joint activity);

reporting date – the last calendar day of the reporting period;

reporting – a system of cost parameters on assets, liabilities, own equity, incomes, expenses of the organization, and also other information reflecting the financial position of the organization as at the reporting date, financial results of activity and changes in the financial position of the organization for the reporting period;

reporting period – period for which statements are being drawn up;

primary accounting document – a document on the basis of which the economic operation is reflected on book accounts;

chart of book accounts – a systematic list of book accounts;

users – owner of the property (founders, participants) of the organization, investors, creditors, state bodies, other persons interested in information contained in the statements;

professional judgement – a standpoint and action of the chief accountant of an organization, the head of an organization in the instance provided by clause 2 of Article 7 of this Law, an organization or individual entrepreneurs, rendering services on conducting accounting and drawing up statements, which are laid down by the organization in the regulations on accounting policy and notes to the statements;

expenses – decrease in economic benefits as a result of decrease of assets or increase of liabilities, leading toward decrease of own equity of the organization, which is not related to its transfer to the owner of property of the organization, distribution among founders (participants) of the organization;

accounting register – a document in which registration, accumulation and systematization of accounting information contained in primary accounting documents are being made in natural and monetary terms or in monetary terms;

synthetic accounting – generalized reflection of assets, liabilities, equity capital, incomes, expenses of an organization on synthetic book accounts;

equity capital – assets of the organization less its liabilities;

book estimate – assessed value of assets, liabilities, equity capital, income, expenses of the organization in accounting and/or reporting;

accounting policy – a set of methods of organizing and conducting the accounting adopted by the organization;

accounting system – order for carrying out and generalizing records on bookkeeping accounts and the set of bookkeeping registers in which such records are effectuated;

economic operation – action or event subject to be reflected by the organization in accounting and leading to a change in its of assets, liabilities, equity capital, income, expenses.

Article 2. Scope of application of this Law

1. This Law is applicable to organizations.

2. In accordance with legislative acts of the Republic of Belarus, some organizations may be exempted from the duty to conduct accounting and to draw up statements.

Article 3. Principles of accounting and reporting

1. Accounting and reporting are based on principles of going concern, isolation, accrual, compliance of incomes and expenses, fairness, preponderance of economic substance, prudence, neutrality, completeness, understandability, comparability, relevancy.

2. Going concern principle means that information about assets, liabilities, equity capital, incomes, and expenses of the organization is formed in accounting and reporting depending on the intention of the organization to continue or discontinue its activity later on.

3. Isolation principle means that assets, liabilities, equity capital, incomes, and expenses of the organization are accounted for separately from assets, liabilities, equity capital, incomes, and expenses of the owner of the property (founders, participants) of the organization.

4. Accrual principle means that economic operations are reflected in accounting and reporting in the reporting period in which they are effectuated irrespective of the date of making settlements on them.

5. Compliance of incomes and expenses principle means that expenses are reflected in accounting and reporting in the reporting period in which incomes (if available) related to them are recognized.

6. Fairness principle means that assets, liabilities, equity capital, incomes, and expenses of the organization are reflected in accounting and reporting subject to meeting conditions for recognizing them as such, established by the legislation of the Republic of Belarus on accounting and reporting.

7. Preponderance of economic substance principle means that economic operations are reflected in accounting and reporting based not so much on their legal substance as on their economic substance.

8. Prudence principle means that the book estimate of assets and incomes of the organization shall not be overstated, and that of liabilities and expenses – understated.

9. Neutrality principle means absence of orientation of the information contained in statements of the organization to determined users and/or to obtainment of a determined result.

10. Completeness principle means that statements of the organization contain all information that can influence decisions concerning the financial position of the organization, which are made by users.

11. Understandability principle consists in availability of the information contained in statements of the organization for users’ understanding

12. Comparability principle means a possibility to compare statements of the organization for different reporting periods and also with statements of other organizations.

13. Relevance principle means usefulness of the information contained in statements of the organization for user in making decisions concerning the financial position of the organization.

Article 4. Legislation of the Republic of Belarus on accounting and reporting

The legislation of the Republic of Belarus on accounting and reporting is based on the Constitution of the Republic of Belarus and consists of this Law, normative legal acts of the President of the Republic of Belarus and other acts of legislation of the Republic of Belarus adopted in accordance therewith, which regulate relations in the sphere of accounting and reporting.

Article 5. State regulation of accounting and reporting

1. State regulation of accounting and reporting is carried out by the President of the Republic of Belarus, the Council of Ministers of the Republic of Belarus, the National Bank of the Republic of Belarus, the Ministry of Finance of the Republic of Belarus and other republican bodies of state administration which carry out state regulation and administration in a certain field of economic activity.

2. The President of the Republic of Belarus determines the state policy in the field of accounting and reporting.

3. The Council of Ministers of the Republic of Belarus:

ensures the implementation of the state policy in the area of accounting and reporting;

coordinates and controls the work of republican bodies of state administration in the field of accounting and reporting;

establishes jointly with the National Bank of the Republic of Belarus the order of entry into force as technical normative legal acts in the territory of the Republic of Belarus of acts of International Financial Reporting Standards (hereinafter – IFRS) and Interpretations thereof, adopted by the International Financial Reporting Standards Foundation;

establishes the order of performing attestation for the right to obtain the certificate of professional accountant, the order of confirming the qualification by natural persons having the certificate of professional accountant;

carries out other powers in the field of accounting and reporting in accordance with the Constitution of the Republic of Belarus, laws of the Republic of Belarus and acts of the President of the Republic of Belarus.

4. The National Bank of the Republic of Belarus:

establishes the order of performing attestation for the right to obtain the certificate of professional accountant of the bank, the order of confirming the qualification by natural persons having the certificate of professional accountant of the bank;

approves the form of the certificate of professional accountant of the bank;

performs attestation for the right to obtain the certificate of professional accountant of the bank and confirmation of the qualification of natural persons having the certificate of professional accountant of the bank;

carries out other powers in the field of accounting and reporting in accordance with legislative acts of the Republic of Belarus.

5. The Ministry of Finance of the Republic of Belarus:

implements the state policy in the field of accounting and reporting;

carries out general methodological guidance of accounting and reporting in organizations (with the exception of the National Bank of the Republic of Belarus, banks, bank groups, bank holdings);

approves national standards of accounting and reporting and other normative legal acts on accounting and reporting binding for organizations (with the exception of the National Bank of the Republic of Belarus, banks, bank groups, bank holdings);

approves the form of the certificate of professional accountant;

performs attestation for the right to obtain the certificate of professional accountant and confirmation of the qualification of natural persons having the certificate of professional accountant;

represents, within its powers, the Republic of Belarus in international organizations dealing with matters of accounting and reporting;

carries out other powers in the field of accounting and reporting in accordance with the legislation of the Republic of Belarus.

6. Republican bodies of state administration which carry out state regulation and administration in a certain field of economic activity (with the exception of the Ministry of Finance of the Republic of Belarus):

partake in implementation of the state policy in the field of accounting and reporting;

carries out methodological guidance of accounting and reporting in organizations carrying out respective kinds of economic activities;

Adopt, upon obtaining assent of the Ministry of Finance of the Republic of Belarus, normative legal acts which establish specific features of accounting and reporting in organizations carrying out respective kinds of economic activities.

7. State bodies having military formations adopt, upon obtaining assent of the Ministry of Finance of the Republic of Belarus, normative legal acts which establish specific features of accounting and reporting in military formations.

Article 6. Powers of public organizations (amalgamations), associations (unions)

Public organizations (amalgamations) of accountants, associations (unions) of commercial organizations and/or individual entrepreneurs, rendering services on conducting accounting and drawing up statements, created in accordance with the legislation of the Republic of Belarus are entitled:

to partake in preparation of draft normative legal acts on accounting and reporting;

to partake in development of curriculum and study-guide documents, information and analysis materials, training aids, used in preparation for attestation for the right to obtain the certificate of professional accountant and the certificate of professional accountant of the bank;

render methodical and other assistance to organization on matters of accounting and reporting;

represent interests of accountants in international professional organizations.

chapter 2
organization and conduct of accounting

Article 7. Rights and duties of the head of organization on organizing accounting

1. The head of an organization is entitled, depending on the volume of accounting work:

to create a structural division headed by the chief accountant;

to impose conduct of accounting and making reporting on the chief accountant;

to transfer, under a contract, the conduct of accounting and making reporting to an organization or individual entrepreneur, rendering services on conducting accounting and drawing up statements.

2. The head of an microorganization,  partnership of owners, public and religious organization (amalgamation) is entitled to conduct accounting and draw up statements personally if the head meets the requirements set out for the chief accountant, specified in clause 3 of Article 8 of this Law.

3. The head of an organization is obliged:

to organize the conduct of accounting and making reporting, and also to create conditions necessary to this end;

to ensure meticulous accomplishment by workers of the organization of requirements of the chief accountant, an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, in the part of observance of the procedure for drawing up and presentation of documents and data, necessary for conducting accounting and making reporting, and other requirements being in their competence.

Article 8. Guidance of accounting in organization

1. Guidance of accounting in an organization is carried out by the chief accountant of the organization, the head of the organization in the instance specified by clause 2 of Article 7 of this Law, organization or individual entrepreneur, rendering services on conducting accounting and making reporting.

2. Acceptance and discharge of document files are to be documented by an act in the event of:

appointment to the office and dismissal from the office of the chief accountant of an organization, the head of the organization in the instance specified by clause 2 of Article 7 of this Law;

a transfer, under a contract on the conduct of accounting and making reporting to an organization or individual entrepreneur, rendering services on conducting accounting and drawing up statements.

3. To the position of the chief accountant of an organization (with the exception of a socially relevant organization, the National Bank of the Republic of Belarus) is to be appointed a person meeting the following requirements:

higher or special secondary education which bestows, in accordance with the legislation of the Republic of Belarus, the right to work as accountant and a work experience as accountant of at least three years;

absence of non-cleared or non-expunged record of conviction for crimes against property and the order of carrying out economic activity.

4. To the position of the chief accountant of a socially relevant organization (with the exception of banks, insurance organizations) is to be appointed a person meeting the following requirements:

possessing the certificate of professional accountant;

absence of non-cleared or non-expunged record of conviction for crimes against property and the order of carrying out economic activity.

5. To the position of the chief accountant of an insurance organization is to be appointed a person meeting the following requirements:

possessing the certificate of professional accountant;

absence of non-cleared or non-expunged record of conviction for crimes against property and the order of carrying out economic activity;

compliance with other requirements established by the legislation of the Republic of Belarus.

6. To the position of the chief accountant of the National Bank of the Republic of Belarus is to be appointed a person meeting the requirements established by the legislation of the Republic of Belarus.

To the position of the chief accountant of a bank is to be appointed a person meeting the following requirements:

possessing the certificate of professional accountant of the bank;

compliance with other requirements established by the legislation of the Republic of Belarus.

7. The certificate of professional accountant is issued by the Ministry of Finance of the Republic of Belarus according to the results of attestation.

For issuance of the certificate of professional accountant the state duty is levied in the order and amount established by legislative acts of the Republic of Belarus.

A natural persons intending to obtain the certificate of professional accountant must meet the following requirements:

higher education which bestows, in accordance with the legislation of the Republic of Belarus, the right to work as accountant and a work experience as accountant of at least five years;

absence of non-cleared or non-expunged record of conviction for crimes against property and the order of carrying out economic activity.

A natural person having the certificate of professional accountant is obliged, starting from the year following the year of obtaining the certificate of professional accountant, to confirm his qualification at least every other year.

The certificate of professional accountant shall be annulled in the event of:

submission by the natural person having the certificate of professional accountant of an application for annulment of the certificate of professional accountant;

establishing the fact of obtainment of the certificate of professional accountant by the natural person using false, forged or invalid documents, and also of untrue data;

entry into legal force of a court decision finding the natural person having the certificate of professional accountant guilty of committing a crime against property and the order of carrying out economic activity;

failure of the natural person having the certificate of professional accountant to fulfil the duty on confirmation of the qualification, established by part four of this clause.

The decision on annulment of the certificate of professional accountant is taken by the Ministry of Finance of the Republic of Belarus.

A natural person whose certificate of professional accountant has been annulled (with the exception of the case provided by indent two of part five of this clause) is entitled to appeal the decision on annulment of the certificate of professional accountant within three months from the day of receipt of such a decision by this person.

Annulment of the certificate of professional accountant upon an application of the natural person having the certificate of professional accountant shall be performed by the Ministry of Finance of the Republic of Belarus within ten days from the day of receipt of the application of the natural person having the certificate of professional accountant with enclosure of the certificate of professional accountant.

8. The certificate of professional accountant of the bank is issued and annulled by the National Bank of the Republic of Belarus in the order established by the legislation of the Republic of Belarus.

For issuance of the certificate of professional accountant of the bank, the state duty is levied in the order and amount established by legislative acts of the Republic of Belarus.

A natural person having the certificate of professional accountant of the bank is obliged, starting from the year following the year of obtaining the certificate of professional accountant of the bank, to confirm his qualification at least every other year.

9. An organization rendering services on conducting accounting and making reporting, depending on the fact for what organization the services are rendered, must ensure the rendering of such services by at least one worker with whom the labour contract is concluded, who meets the requirements specified in clauses 3 – 6 of this Article.

Individual entrepreneur, rendering services on conducting accounting and making reporting, depending on the fact for what organization the services are rendered, must meet the requirements specified in clauses 3 – 6 of this Article or ensure the rendering of such services by at least one worker with whom the labour contract is concluded, who meets the requirements specified in clauses 3 – 6 of this Article.

10. The chief accountant is subordinated directly to the head of the organization. Requirements of the chief accountant, within his competence, are binding for all structural divisions and workers of the organization.

Requirements of an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, within their competence, are binding for all structural divisions and workers of the organization to which the services on conducting accounting and making reporting are being rendered.

11. Duties of the chief accountant of the organization, the head of the organization in the instance specified by clause 2 of Article 7 of this Law, of an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, shall include:

formation of the accounting policy of the organization;

establishment and conduct of accounting in the organization;

drawing up and timely submission of statements of the organization;

other duties in the field of accounting and reporting.

12. In the instances of arising disagreements between the head of organization and the chief accountant, an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, concerning the matters of performance of some economic operations, their documenting by primary accounting documents and reflection in accounting, the documents on those economic operations must be accepted for processing by the chief accountant, an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, on a written instruction of the head of organization. In such instances the head of organization bears personal responsibility for performance of those economic operations, their documenting by primary accounting documents and reflection in accounting.

Article 9. Accounting policy of an organization

1. An organization forms its accounting policy independently and sets out it in regulations on accounting policy which shall be signed by the chief accountant of the organization, the head of the organization or individual entrepreneur, rendering services on conducting accounting and making reporting, and approved by the head of the organization.

2. The accounting policy of an organization must be based on the principles of the accounting and reporting provided by this Law.

3. Formalization of primary accounting documents, bookkeeping registers and drawing up statements are carried out by an organization in Belarusian or Russian.

4. The accounting policy of an organization shall include:

kinds of book estimates applied by the organization;

chart of book accounts of the organization;

forms of primary accounting documents developed by the organization for applying;

accounting system applied by the organization;

procedure for performance of the inventory of assets and liabilities of the organization;

other methods of organizing and conduct of accounting.

5. If in relation of specific economic operation, certain component assets, liabilities, equity capital, incomes, and expenses of the organization, the legislation of the Republic of Belarus does not establish the order of their reflection in accounting and reporting, such an order shall be developed by the organization itself using professional judgement based on the requirements established by the legislation of the Republic of Belarus.

6. Accounting policy of an organization shall not be changed with the exception of instances provided by part one of clause 7 of this Article.

7. Changes into accounting policy may be introduced in the event of:

changes in the legislation of the Republic of Belarus;

changing methods of conducting the accounting, application of which will lead to improvement in fairness and relevancy of the information contained in statements of the organization;

taking decision about reorganization and liquidation of the organization.

Changes in accounting policy of an organization in the instance specified in indent three of part one of this clause shall be introduced from the beginning of the reporting year.

Changes in accounting policy of an organization shall be introduced in the order established by the legislation of the Republic of Belarus on accounting and reporting.

8. Changes in accounting policy of an organization must be substantiated, signed by the chief accountant of the organization, the head of an organization or individual entrepreneur, rendering services on conducting accounting and making reporting, and approved by the head of the organization.

Article 10. Primary accounting documents

1. Each economic operation is to be formalized by primary accounting documents.

2. Primary accounting documents, unless otherwise established by the President of the Republic of Belarus, must contain the following data:

title of the document, date of its drawing up;

name of the organization, surname and initials of the individual entrepreneur being participant of the economic operation;

description of and ground for effecting the economic operation, its valuation in natural and cost parameters or in cost parameters;

positions of persons responsible for effectuation of the economic operation and/or for correctness of its formalization, their surnames, initials and signatures.

Primary accounting documents may contain other data not being mandatory.

3. Forms of primary accounting documents included in the list approved by the Council of Ministers of the Republic of Belarus are approved by authorized state bodies specified in this list.

The National Bank of the Republic of Belarus, additionally to forms of primary accounting documents included in the list specified in part one of this clause, approves forms of primary accounting documents for National Bank of the Republic of Belarus, banks.

4. Forms of primary accounting documents not specified in clause 3 of this Article may be approved by republican bodies of state administration upon assent of the Ministry of Finance of the Republic of Belarus or by the head of the organization.

An organization is entitled to approve for using the forms of primary accounting documents irrespective of the forms of such documents approved by republican bodies of state administration in accordance with part one of this clause.

5. A primary accounting document shall be drawn up while performing an economic operation, and if is impossible – immediately after its performance.

6. A primary accounting document confirming the execution of works (rendering of services) may be drawn up by the contractor (executor) and ordering customer itself in the instances determined by the Ministry of Finance of the Republic of Belarus provided that the contract concluded in a written form between the contractor (executor) and ordering customer stipulates such procedure for formalization of executed works (rendered services).

7. A primary accounting document is drawn up on paper and/or in the form of electronic document.

A primary accounting document drawn up in the form of electronic document must correspond to the requirements of the legislation of the Republic of Belarus on electronic documents and electronic digital signature.

8. Primary accounting documents (with the exception of primary accounting documents which formalize acceptance and handing our cash monetary means and primary accounting documents drawn up in the form of electronic document) may contain corrections.

The order for introduction of correction in primary accounting documents (with the exception of primary accounting documents the forms of which are approved by the National Bank of the Republic of Belarus) is determined by the Ministry of Finance of the Republic of Belarus.

The order for introduction of correction in primary accounting documents the forms of which are approved by the National Bank of the Republic of Belarus is determined by the National Bank of the Republic of Belarus.

9. Timely and correct formalization of primary accounting documents, transfer thereof within established time limits for reflection in accounting, and also authenticity of the data contained therein, shall be ensured by the persons who drew up and signed these documents.

10. Copies of primary accounting documents seized in accordance with legislative acts of the Republic of Belarus shall be included in documents of the accounting of the organization.

Article 11. Bookkeeping registers

1. Accounting information contained in primary accounting documents shall be timely registered in bookkeeping registers.

2. Bookkeeping registers shall be drawn up in accordance with the accounting system applied by the organization in compliance with the requirements established by this Article.

3. Bookkeeping registers must contain the following data:

title of the register;

name of the organization;

date of beginning and ending of maintaining the register and/or period for which the registered has been drawn up;

chronological and/or systematic grouping of economic operations;

valuation of economic operations in natural and cost parameters or in cost parameters;

positions of persons responsible for conducting the register, their surnames, initials and signatures.

4. Bookkeeping registers (with the exception of bookkeeping registers drawn up in the form of electronic document) may have corrections.

The order for introduction of correction in bookkeeping registers is determined by the Ministry of Finance of the Republic of Belarus (for the National Bank of the Republic of Belarus, banks – by the National Bank of the Republic of Belarus).

5. Copies of bookkeeping registers seized in accordance with legislative acts of the Republic of Belarus shall be included in documents of the accounting of the organization.

Article 12. Book estimate of assets, liabilities, equity capital, incomes, and expenses of the organization

1. Book estimate of assets, liabilities, equity capital, incomes, and expenses of the organization shall be performed in the official monetary unit of the Republic of Belarus.

2. For book estimate of assets, liabilities, equity capital, incomes, and expenses of the organization are applied:

initial value – value on which an asset or liability are accepted for accounting;

present (discounted) value – current value of future proceeds and disposal of monetary means from using an asset or current value of the future use of monetary means on discharge of an obligation;

reassessed value – value of an asset or obligation after their revaluation;

other kinds of book estimate established by the legislation of the Republic of Belarus.

The order for applying kinds of book estimate is established by the legislation of the Republic of Belarus.

3. Recalculation of the value of monetary means, financial investments (with the exception of financial investments in statutory funds of other organizations), accounts receivable and obligations (with the exception of advance payments, preliminary payments, earnest money, received and made) expressed in foreign currency in the official monetary unit of the Republic of Belarus shall be made by organizations (with the exception of the National Bank of the Republic of Belarus, banks) at the official rate of the official monetary unit of the Republic of Belarus in relation to a respective foreign currency, established by the National Bank of the Republic of Belarus on the date of performance of the economic operation in foreign currency, and also on the reporting date.

Differences arising upon recalculation of the value of assets and liabilities specified in part one of this clause in the official monetary unit of the Republic of Belarus are assigned:

by organizations (with the exception of the National Bank of the Republic of Belarus, banks, budgetary organizations) – on increase or decrease of assets, liabilities, equity capital, incomes, and expenses in the order established by the legislation of the Republic of Belarus;

by budgetary organizations – on increase or decrease of sources of financing in the order established by the legislation of the Republic of Belarus.

The order of reflection in accounting and reporting of organizations (with the exception of the National Bank of the Republic of Belarus, banks) of differences arising upon recalculation of the value of assets and liabilities specified in part one of this clause in the official monetary unit of the Republic of Belarus is established by the Ministry of Finance of the Republic of Belarus.

The order of recalculation of the value of assets and liabilities of the National Bank of the Republic of Belarus, banks in the official monetary unit of the Republic of Belarus upon a change of the official rate of the official monetary unit of the Republic of Belarus in relation to a respective foreign currency, established by the National Bank of the Republic of Belarus, and reflection of differences arising upon recalculation in accounting and reporting is established by the National Bank of the Republic of Belarus.

Article 13. Inventory of assets and liabilities of an organization

1. Assets and liabilities of an organization are subject to inventory. When taking inventory, actual availability of assets and liabilities is compared with accounting data.

2. Taking inventory of assets and liabilities of an organization is mandatory:

upon reorganization or liquidation of the organization;

before drawing up annual statements;

upon substituting financially liable persons

upon detecting facts of embezzlement and/or damage of the property;

upon occurrence of emergency situations;

in other instances provided by the legislation of the Republic of Belarus.

3. The order of reflection in accounting and reporting of discrepancies detected while taking inventory between actual availability of assets and liabilities of an organization and the accounting data is established by the Ministry of Finance of the Republic of Belarus (for the National Bank of the Republic of Belarus, banks – by the National Bank of the Republic of Belarus).

chapter 3
reporting

Article 14. General requirements toward statements

1. An organization must draw up annual statements, and in the instances provided by the legislation of the Republic of Belarus – interim (quarterly, monthly) statements.

2. The reporting period for annual statements is the calendar year – from January 1 till December 31, with the exception of the instances of creation, reorganization or liquidation of an organization.

The reporting period for interim statements is a period from January 1 till the reporting date of a period for which the interim statements are drawn up, with the exception of the instances of creation, reorganization or liquidation of an organization.

Upon creation of an organization the first reporting period for annual statements is a period from the date of its state registration till December 31, for interim statements – from the date of its state registration till the reporting date of a period for which interim statements are drawn up.

3. Statements shall be drawn up in the official monetary unit of the Republic of Belarus.

4. Parameters of statements must be identical to the data of synthetic and analytical accounting.

5. Statements of an organization are signed (approved) by its head and/or other persons (bodies) authorized thereto by the legislation of the Republic of Belarus or by constituent documents of this organization.

6. Information contained in the statements does not constitute commercial secret, with the exception of the instances provided by the legislation of the Republic of Belarus.

7. Individual statements are drawn up in:

an organization not being the founder of unitary enterprises, main economic company in relation of subsidiary economic companies; 

an organization being the founder of unitary enterprises, main economic company in relation of subsidiary economic companies – without account of statements of its unitary enterprises, subsidiary economic companies;

an organization making part of participants of a holding – without account of statements of legal persons with which the organization is united in the economic group and/or holding.

Consolidated statements are drawn up for a group of organizations (holding, economic company and its unitary enterprises, subsidiary and dependent economic companies, unitary enterprise and its subsidiary unitary enterprises) as statements of a single organization.

The order of drawing up individual and consolidated statements is established by the Ministry of Finance of the Republic of Belarus (for the National Bank of the Republic of Belarus, banks, bank groups, bank holdings, with the exception of individual statements of head organizations of bank holdings not being banks, – by the National Bank of the Republic of Belarus).

8. Consolidated statements are drawn up for a group of organizations subordinated to a republican body of state administration or making part of a state organization subordinated to the Government of the Republic of Belarus, or making part of a state association, or for another group of organizations provided by the legislation of the Republic of Belarus.

The order of drawing up consolidated statements is established by the Ministry of Finance of the Republic of Belarus.

9. Specific features of drawing up and submitting statements upon reorganization or liquidation of an organization are established by the Ministry of Finance of the Republic of Belarus (for banks – by the National Bank of the Republic of Belarus).

Article 15. Composition of reporting

1. Annual and interim reporting (with the exception of monthly reporting) of commercial organizations shall consist of:

balance sheet;

statement of profit or loss;

statement of changes in equity capital;

statement of cash flows;

notes to statements provided by the legislation of the Republic of Belarus.

monthly reporting consists of the balance sheet.

2. Annual and interim reporting (with the exception of monthly reporting) of non-commercial organizations (with the exception of budgetary organizations, the National Bank of the Republic of Belarus) shall consist of:

balance sheet;

statement of profit or loss;

statement of use of special-purpose financing;

notes to statements provided by the legislation of the Republic of Belarus.

Monthly reporting of non-commercial organizations (with the exception of budgetary organizations, the National Bank of the Republic of Belarus) shall consist of the balance sheet.

3. Composition of reporting of budgetary organizations is determined by the Ministry of Finance of the Republic of Belarus.

4. Composition of annual reporting of the National Bank of the Republic of Belarus is determined by legislative acts of the Republic of Belarus.

Article 16. Presentation and publication of statements

1. Organizations (with the exception of budgetary organizations) shall present annual individual statements to:

the owner of the property (founders, participants) of the organization and other persons authorized to receive annual individual statements by the legislation of the Republic of Belarus or constituent documents of this organization;

state bodies, other state organizations subordinated to the Government of the Republic of Belarus if the reporting organization are in their subordination is (make part of them) or are economic companies shares (stakes in statutory funds) of which belong to the Republic of Belarus or administrative and territorial units and transferred in management to these bodies, organizations;

other organizations in the instances provided by the legislation of the Republic of Belarus.

2. Organizations (with the exception of the National Bank of the Republic of Belarus, budgetary organizations, insurance organizations) shall present annual individual statements not later than on March 31 of the year following the reporting year.

3. Organizations (with the exception of the National Bank of the Republic of Belarus, banks, budgetary organizations, insurance organizations) shall present interim individual statements in the order and within the time limits established by:

the owner of the property (founders, participants) of the organization and other persons authorized to receive interim individual statements by the legislation of the Republic of Belarus or constituent documents of this organization;

state bodies, other state organizations subordinated to the Government of the Republic of Belarus if the reporting organization are in their subordination is (make part of them) or are economic companies shares (stakes in statutory funds) of which belong to the Republic of Belarus or administrative and territorial units and transferred in management to these bodies, organizations.

4. The National Bank of the Republic of Belarus shall present annual statements in the order and within the time limits established by legislative acts of the Republic of Belarus.

Banks shall present:

annual individual statements in the order and within the time limits established by the National Bank of the Republic of Belarus;

interim individual statements in the order and within the time limits established by the National Bank of the Republic of Belarus, founders (participants) of the banks in accordance with their constituent documents.

5. Budgetary organizations, insurance organizations shall present annual and interim individual statements in the order and within the time limits established by the Ministry of Finance of the Republic of Belarus.

6. The order and time limits for presentation of consolidated statements are established by the owner of the property (founders, participants) of the organization and other persons authorized to receive consolidated statements by the legislation of the Republic of Belarus or constituent documents of this organization (for bank groups, bank holdings – by the National Bank of the Republic of Belarus).

7. The order and time limits for presentation of consolidated statements are established by republican bodies of state administration which carry out state regulation and administration in a certain field of economic activity and other persons authorized to receive consolidated statements by the legislation of the Republic of Belarus.

8. Annual statements of an organization is subject to mandatory publication in the instances provided for by the legislation of the Republic of Belarus. If annual statements are subject to mandatory audit in accordance with legislative acts of the Republic of Belarus, it shall be published with the auditor's reports on these statements. The order and time limits of publication of statements are determined by the legislation of the Republic of Belarus.

Article 17. Preparation, presentation and publication of statements in accordance with IFRS

1. IFRS are put into effect in the territory of the Republic of Belarus as technical normative legal acts by the Council of Ministers of the Republic of Belarus jointly with the National Bank of the Republic of Belarus in the order established by them. Upon putting into effect of IFRS, specific features of the use thereof in the territory of the Republic of Belarus are to be determined.

IFRS being put into effect in accordance with part one of this clause are subject to the official publication in accordance with the legislation of the Republic of Belarus and also to placement on the official site of the Ministry of Finance of the Republic of Belarus in the global computer network Internet.

2. Socially relevant organizations (with the exception of banks) are obliged to prepare for 2016 and subsequent years annual consolidated statements in accordance with IFRS in the official monetary unit of the Republic of Belarus.

Banks are obliged to prepare for 2016 and subsequent years annual consolidated or individual statements in accordance with IFRS in the official monetary unit of the Republic of Belarus.

3. Annual statements of a socially relevant organization prepared in accordance with IFRS shall be signed (approved) by its head and/or other persons (bodies) authorized thereto by the legislation of the Republic of Belarus or by constituent documents of this organization.

4. Annual statements of a socially relevant organization prepared in accordance with IFRS with the auditor’s report on these statements must be:

presented to the Ministry of Finance of the Republic of Belarus (of a bank – to the National Bank of the Republic of Belarus) not later than on June 30 of the year following the reporting year;

placed on the site of the socially relevant organization in the global computer network Internet not later than on July 31 of the year following the reporting year.

Article 18. Safekeeping of documents of accounting and reporting

1. Organizations are obliged to keep primary accounting documents, bookkeeping registers, statements, other documents related to the conduct of accounting and making reporting with the time limits established by the legislation of the Republic of Belarus.

2. For safekeeping primary accounting documents, bookkeeping registers, statements, other documents related to the conduct of accounting and making reporting, their protection from unauthorized access must be ensured.

3. The head of an organization bears responsibility for organization of safekeeping primary accounting documents, bookkeeping registers, statements, other documents related to the conduct of accounting and making reporting.

Chapter 4
final provisions

Article 19. Recognizing as ineffective of certain legislative acts of the Republic of Belarus and some provisions of laws of the Republic of Belarus [translation not provided]

Article 20. Transitional provisions

1. Annual statements for 2013 are prepared, presented and published in accordance with the legislation of the Republic of Belarus on accounting and reporting which was effective till January 1, 2014.

2. Persons being appointed till January 1, 2017 to the position of chief accountant of a socially relevant organization (with the exception of banks) must meet the requirements established by indent two of part three of clause 7 of Article 8 of this Law.

Persons holding the position of chief accountant of a socially relevant organization (with the exception of banks) are obliged to obtain the certificate of professional accountant till January 1, 2017.

Persons holding the position of chief accountant of a bank are obliged to obtain the certificate of professional accountant of the bank till January 1, 2017.

Article 21. Measures on implementation of provisions of this Law

The Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus shall:

till January 1, 2016, take measures on implementation of provisions of clause 1 of Article 17 of this Law;

till January 1, 2014, take other measures on implementation of provisions of this Law.

Article 22. Entry of this Law into force

This Law enters into force in the following order:

indent two of clause 4, indent two of clause 5 and indent two of part two of clause t of Article 8 – from January 1, 2017;

Article 21 – after the official publication of this Law;

other provisions of this Law – from January 1, 2014.

 

President of the Republic of Belarus

A. Lukashenko

 

* unofficial translation *