On 19 August 2016, the Belarus Council of Ministers and the National Bank of the Republic of Belarus formally adopted an act (19 August 2016 № 657/20) by which IFRS Standards in effect on 1 January 2015 (the 2015 ‘Blue Book’) became a part of the Belarusian legislative framework, effective 1 January 2017. Financial statements for 2016 will be restated using IFRS Standards.
Public interest entities include:
- companies whose securities are traded in a public market;
- non-banking financial organisations; and
- insurance companies.
National Bank Regulation No. 185 dated 27 September 2007 had already required all banks and nonbanking financial organisations to present their financial statements in conformity with IFRS Standards.
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