Rambler's Top100
Belarus.by"Economy of Belarus"Photonews
Friday, 18 April 2014
Main  |  Site map  
News, events, facts
In Pictures

Our company
Contact us

All about Belarus

IFRS to enable Belarusian companies to access international capital markets

18.12.2012 13:35

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.
Follow BELTA news on Twitter Add to Google
Print version
© BelTA. A hyperlink to the main page of the website www.belta.by must be provided when materials of the website are used for electronic publications, website pages, electronic files or other electronic forms of use.
All news
18.12.2012 19:34 Tighter Belarus-Azerbaijan export cooperation More
18.12.2012 19:15 Mogilev Oblast earmarks Br95bn to support SMBs in 2013-2015 More
18.12.2012 18:33 BCCI, Turkey’s MUSIAD to expand ties More
18.12.2012 18:07 NBRB no longer services accounts of several government agencies More
18.12.2012 17:39 Belarus to take part in international fair in Myanmar More
18.12.2012 16:02 Union State budget 2013 passes first reading More
18.12.2012 15:01 Belarus mulls transport engineering, farm projects in Transnistria More
18.12.2012 13:59 Naftan stock value soars almost 15 times More
18.12.2012 13:35 IFRS to enable Belarusian companies to access international capital markets
18.12.2012 13:18 Mogilev Oblast to raise $145m in FDI in 2013 More
<<< << 471 472 473 474 475 476 477 478 479 480 >> >>>
Designed by - BELTA
© Copyright BELTA, 1996-2014 All right reserved.
Rambler's Top100 Rating All.BY