The list of companies required to prepare IFRS financial statements will be extended

The draft Law “On amendments to the Law on Accounting and Reporting” proposes introduction of the obligation to prepare annual consolidated or individual financial statements in accordance with IFRS for 2022 and subsequent years for state enterprises that meet certain criteria and are referred to public interest entities. Among them are republican unitary enterprises, public utility unitary companies, business entities which authorized capital comprises more than 50% of the shares (ownership interest) owned by the Republic of Belarus and (or) its territory administration units.

Revenue from sales of goods (works, services) for the previous year exceeding 4 million basic units (now one basic unit amounts to 27 BYN) serves as a criterion for preparing statutory financial statements under IFRS.

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