IFRS to enable Belarusian companies to access international capital markets

MINSK, 18 December (BelTA) – The use of international financial reporting standards (IFRS) will help Belarusian companies to get access to international capital markets, chief of the main department for accounting, reporting and audit of the Finance Ministry of Belarus Tatiana Rybak told an online conference on the BelTA website on 18 December.

The use of international financial reporting standards will be formalized by a new law on accounting and reporting. The law is to come in force in 2014. “Making reports in line with IFRS will enable Belarusian companies to arrange initial public offering, raise investments and get loans in foreign banks,” the expert said. In her view, this will give a good impetus for the domestic business.

At present, international financial reporting standards are used by all banks in Belarus, as well as by 23 public limited companies included in the government-approved list. Other companies are free to use IFRS at their own discretion.

After the new law on accounting and reporting comes into effect, IFRS will be mandatory for banks, insurance companies and public limited companies that have unitary enterprises and (or) subsidiary companies. “The national accounting system will remain in place for all companies. This system will include national standards developed taking into consideration IFRS,” Tatiana Rybak emphasized.

According to the expert, international financial reporting standards are making their first steps in Belarus. Extensive preparatory work is ahead. “This includes development of a mechanism to control the quality of reporting and audit, as well as training of specialists in IFRS, improving economic education with a bigger focus on IFRS,” she explained.