Auditors’ opinion: is there a future for IFRS in Belarus
The Managing Partner of Business Assurance, Alexander Shkodin, expressed his expert opinion to the Economic Newspaper regarding the future of International Financial Reporting Standards (IFRS) in Belarus.
In view of the current economic and political situation in Belarus, namely the estrangement, temporary and (or) partial interruption of relations with Western European countries and companies, there have been suggestions that companies and banks in Belarus will begin to abandon international standards. However, as practice shows, only a few companies that compiled (or did not previously compile at all) and audited IFRS statements due to the existence of such a requirement of the legislation of the Republic of Belarus refrained from compiling and (or) auditing statements according to international standards. Large enterprises of Belarus, companies with foreign capital, as well as organizations financed from foreign creditors, continue to compile and audit reports under IFRS, because this allows businesses not only to raise credit funds, investments from countries such as, for example, China, the UAE, India, etc., but also to make competent management decisions.
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