1 October, Minsk /BELTA correspondent/. Belarus plans to switch to the accrual basis for recognising revenue from the sale of products, goods, works, services, and other income in accounting, in accordance with International Financial Reporting Standards (IFRS), from 1 January 2013. This is stipulated in the draft law "On Accounting and Reporting," adopted by the House of Representatives of the National Assembly of Belarus at its first reading, the Ministry of Finance informed BELTA. "The draft law plans to switch to the accrual basis for recognising revenue from the sale of products, goods, works, services, and other income in accounting from 1 January 2013. This basis assumes that economic operations are reflected in accounting and reporting in the reporting period in which they actually occurred, regardless of the date of settlement," the Ministry of Finance explained. This approach is based on International Financial Reporting Standards. To align accounting and tax accounting, a draft law "On Amendments and Additions to the Tax Code of the Republic of Belarus" has been prepared, which provides for the transition to the accrual basis for revenue and non-operating income when fulfilling tax obligations from 1 January 2013. In particular, the draft law on amendments and additions to the Tax Code includes provisions concerning the determination of the moment of actual sale of goods (works, services) for VAT purposes. It also defines the moment of actual sale (transfer) of excisable goods. Furthermore, there are specific provisions for the calculation of profit tax, simplified taxation system tax, and a single tax for agricultural producers.-0-

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