New International Financial Reporting Standards (IFRS) will come into effect in Belarus from 2020. This is stipulated by Resolution No. 622/15 of the Council of Ministers and the National Bank dated September 16, 2019, which was officially published today on the National Legal Internet Portal, BELTA reports.
According to the document, from January 1, 2020, the following International Financial Reporting Standards documents will be introduced as technical regulatory legal acts: "Definition of Materiality (Amendments to IFRS (IAS) 1 and IFRS (IAS) 8)", "Definition of a Business (Amendments to IFRS (IFRS) 3)", "Amendments to References to the Conceptual Framework in IFRS Standards (Amendments to IFRS Standards)".
The specified standards do not replace or repeal the current national legislation in the field of accounting and reporting, but are applied in parallel with it.
IFRS is a set of modern international standards recommended for use in the preparation of financial statements of enterprises.