The new deadline for the transition of the banking system to IFRS: January 1, 2027

On September 5, 2024, the National Bank of the Republic of Belarus informed the Association of Belarusian Banks, banks and Non-bank Financial Institutions (NCFO) that the Government of the Republic of Belarus and the National Bank had made a joint decision to postpone the transition of the banking system to accounting and financial reporting in accordance with International Financial Reporting Standards (IFRS) as the primary and only standards from January 1, 2025 to January 1, 2027.
Financial institutions were also informed that amendments to the Law of the Republic of Belarus No. 210-Z dated October 11, 2022 “On Amendments to Laws on Accounting and Reporting” would be made in accordance with the procedure established by law.