Background

Ministry of Finance of the Republic of Belarus is a central government agency that coordinates financial policy and regulates activities in the financial sector.

Main tasks include: Implementation of a common financial policy, regulation and administration in the financial sector and coordination of activities in this sector of other national governmental authorities; Ensuring active use of funds to increase production efficiency and national income, to create and develop progressive market-based forms and structures; Effective implementation of fiscal and tax policies; Participation in organization of investment cooperation of the Republic of Belarus and management of the external public debt, managing the internal and external public debt of Belarus, raising, utilization and repayment of external public loans that form the country's external public debt; Monitoring compliance with the financial interests of the state, including Belarus’ integration into the world economy; Implementation of the state policy in the field of insurance activities, exercising state supervision and insurance supervision; State regulation of accounting and reporting; State regulation of audit activities; State regulation of the securities market, control and supervision of issuing, circulation and redemption of securities, the activities of professional securities market and stock exchanges participants.

Accounting Standards

The commitment of the Republic of Belarus to IFRS Standards was made in the Belarusian Accounting and Financial Reporting Act of 12/07/2013, which provides for implementation of IFRS Standards within Belarus from 1 January 2017.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.