BELARUS NEWS AND ANALYSIS

DATE:

03/10/2007

National Bank of Belarus obliges banks to provide IFRS reporting

MINSK. Oct 3. (Interfax)- The National Bank of Belarus has ordered Belarusian banks to provide IFRS reports along with national standard financial reporting as of 2008

The National Bank's shift to IFRS is part of the state program, approved by the Belarusian government in May 1998, to adopt international accounting standards, the National Bank said in a press release.

IFRS requires an auditor's report confirming the yearly financial report's authenticity. In order to accomplish this, various amendments have been made to the licensing and implementation of the Belarusian banking system's auditing framework

Banks are to provide a yearly IFRS prior to July 1, following the accounting period. The new system will allow the National Bank supervise the fullest possible presentation of material concerning banks' management of financial and non-financial risks, property structure, operations with related parties and other aspects of bank activity.

Belarusian banks are now obliged to constantly train their specialists in the theoretical basis for implementation of international standards. The National Bank is obliged to prepare and provide banks with appropriate recommendations.

Source:

http://www.interfax.com/3/319857/news.aspx