Accounting Policy 2026: an overview of major changes
The need for changes and additions to the accounting policies of Republic of Belarus (RB) organizations is primarily due to changes in existing legislation. What should be considered and what should be taken into account?
Non-accrual of depreciation on fixed assets and intangible assets
From January 1, 2026, the Decree of the Council of Ministers of the Republic of Belarus No. 991 dated December 29, 2023 “On the non-accrual of depreciation on fixed assets and intangible assets in 2024 and 2025” ceased to be effective which gave the right to organizations not to accrue depreciation on fixed assets and intangible assets when certain accounting policies were included. From 2026, depreciation by all entities is accrued in the generally established manner. Therefore, these conditions should be excluded from the accounting policy.
Write–off currency exchange differences
From January 1, 2026, Executive Order of the President of the Republic of Belarus No. 430 dated December 20, 2022 “On the write-off currency exchange differences ” is not applied. Order No. 430 allowed currency exchange differences to be recorded in accounts 97 and 98, with the subsequent write-off to account 91 in the established order when the corresponding condition is formalized in the accounting policy.
Organizations that applied the rules of Order No. 430 must write off completely the balances of currency exchange differences from accounts 97 and 98 to financial results (account 91) no later than December 31, 2025, and, from January 1, 2026, exclude the corresponding condition from accounting policy.
The disclosure date of sales revenue from goods in electronic remote goods selling
In the case of electronic remote goods selling under commission contracts, contracts of agency and other similar contracts, from January 1, 2026 the disclosure date for VAT calculation purposes and for income tax may be determined by one of the following methods:
- by the date of shipment of goods (execution of works, provision of services), transfer of property rights by owner or right holder;
- by date of shipment of goods (execution of works, provision of services), transfer of property rights by the commissioner, attorney or other similar person to the buyer;
- by the date of delivery of goods (execution of works, provision of services), transfer of property rights, disclosed in the sales report, or detailing thereof, formed through an electronic trading platform.
Unlike in 2025, when the third method was applied only for VAT purposes, from January 1, 2026, organizations have the right to reconsider the disclosure date of revenue in electronic remote goods selling and choose a single version of its definition as for income tax, same for VAT, formalizing corresponding condition in the accounting policy.
Off-Balance sheet accounting until demolition (dismantling) completed
By the Decree of the Ministry of Finance No. 29 dated April 30, 2025 “On amendment of the Decree of the Ministry of Finance of the Republic of Belarus No. 74 dated December 13, 2019 ” the effect of Decree No. 74 was extended. From July 01, 2025, it applies to any property, not only property in state ownership.
If the property to be written off is to be dismantled or demolished, it shall be accomplished after write-off act is drawn up. On the date of the write-off act, the property is transferred to a separate off-balance sheet account provided by the organization in the operating plan of accounts, where it is recorded until the dismantling (demolition) of the property is completed.
The organizations should include off-balance sheet accounts in the operating plan of accounts to record written off assets until their dismantling (demolition) is completed.
Property write-off act
From July 1, 2025, the Decree of the Ministry of Finance of the Republic of Belarus No. 74 dated December 13, 2019 “On establishing the form of the property write-off act and accounting of the salvage (liquidation) value of property” applies not only to property in state ownership, but also to any other property.
If any self-developed and approved forms of the write-off act of fixed assets or assets under construction are available, they should be excluded from the accounting policy statement.
Changes by property, plant and equipment
The Instruction on accounting of fixed assets, approved by Decree of the Ministry of Finance No. 26 dated April 30, 2012, has been amended by Decree No. 104.
| Then | Now |
Clause 4 of Instruction No. 26 determined that an organization shall record as property, plant and equipment assets in material tangible form, subject to the following conditions for recognition:
5. The initial cost of assets can be reliably determined |
The second and third criteria are combined, and now “an organization is expected to derive economic benefits from using assets for a period of more than 12 months.” |
It is recommended to revise the accounting policy statements and adjust if necessary.
Disposal of property, plant and equipment
Legal entities (except for budgetary organizations, the National Bank, banks, non-bank credit and financial organizations, and JSC “Development Bank of the Republic of Belarus”) in the disposal of assets mentioned in. clause 3 of the Executive Order of the President of Republic of Belarus No. 344 dated September 30, 2025 “On Disposal of assets”(hereinafter – Order No. 344), may, upon inclusion of the relevant rule in the accounting policy of RB 2026, attribute to revaluation surplus of such property, within its balance and undistributed profits (uncovered loss) in the remaining amount:
- Upon gratuitous transfer of assets- the residual value of the property and transfer costs exceeding the amount of future income (if any) for the property;
- Sales – the residual value of the property and the sales costs exceeding sales income (excluding VAT) and the amount of the revenue as the sum of the property’s related future income (if any);
- Write-offs (except for certain cases provided by the law) – the residual value of the property and write-off costs exceeding the amount of accepted for accounting tangible assets and the amount of income in the sum of the property’s related future income (if any).
Important: if the property is not planned for disposal, then the provisions of Order No. 344 cannot be applied, even if the organization has stipulated its application in the accounting policy.
Determination of initial cost of donated fixed assets and investments in long-term assets
Upon acceptance of donated assets, named in clause 3 of Order No. 344, its initial value may be determined by residual value recorded in the accounting of the donating party on the date of donation, if the relevant condition is formalized in the accounting policy.
Accounting for sheets and documents with a certain level of protection
From July 1, 2025, Decree of the Ministry of Finance of the Republic of Belarus No. 88 dated December 31, 2024 “On sheets and documents with a certain level of protection” (hereinafter – Standard 88) entered into force and at once Decree of the Ministry of Finance of the Republic of Belarus No. 196 dated December 18, 2008 “On issue of Instruction for using and accounting of sheets of strict accounting” (hereinafter – Decree No. 196)ceased to be in force. Adjustments to the accounting policy should have been made as of that date:
- Exclude terms that do not meet Standard No. 88 and reference to Decree No. 196,
- to confirm the conditional assessment of damaged (annulled) sheets (documents) to be destroyed,
- provide the necessary sub-accounts for account 10 “Materials” and off-balance account 006 “Sheets of documents with a certain level of protection”,
- develop registers and determine the frequency of their formation, etc.
Inventory Order
From January 1, 2026, the Instruction on Inventory of Assets and Liabilities established by Decree of the Ministry of Finance of the Republic of Belarus No. 180 dated November 30, 2007 (hereinafter – Instruction No.180) ceased to be in effect.
The Ministry of Finance Decree No. 126 dated October 31, 2025 “On accounting matters” approved the National Accounting and Reporting Standard “Inventory of assets and liabilities” (hereinafter – Standard No. 126), which began to take effect instead of Instruction No.180.
Under Standard No. 126, a number of matters must be determined by the head of the organization (or another authorized person), such as:
- Determine the timing of the inventory
- periodicity,
- approval and form of inventory acts and collation statement, etc.
In addition, the accounting policy should exclude rules not meeting Standard No. 126 and a reference to Instruction No. 180.
On sheets (documents) with a certain level of protection and inventory, it is advisable to consider developing individual local legal acts (LLA), making a reference standard in the accounting policy for them, for example, the order of documentation and movement of sheets with a certain level of protection is regulated by a separate LLA, which will make it possible to make amendments and additions in mid-year if necessary.
This publication is informative and can only be used as a general guide. Professional advice is required before taking any action or refraining from taking any action based on the information in this publication. Contact us to discuss these issues in the context of specific circumstances by filling out the feedback form on the website assurance.by or by sending your question to info@assurance.by.
