№ 4/2018

Fìnansi Ukr. 2018 (4): 107–114

PUBLIC FINANCE MANAGEMENT

RYBAK Tatsiana ¹

¹Ministry of Finance of the Republic of Belarus

Legal and institutional aspects of accounting development in the Republic of Belarus in the context of international integration

In connection with the adoption of the International Financial Reporting Standards (IFRS) as the main tool for information support of the integration processes occurring at the post-Soviet territory, the issues of strengthening the legal framework for accounting and building up the relevant institutional capacity have become of current importance in the Republic of Belarus. The research aims at studying trends and determining the development directions of the legislative and institutional framework of accounting in the Republic of Belarus in the context of international integration. As a member state of the Commonwealth of Independent States (CIS) and Eurasian Economic Union (EAEU), the Republic of Belarus has complied with its obligation to create a mechanism for IFRS implementation in the legal system by establishing the procedure for IFRS recognition and ongoing actualisation, by determining the list of public interest entities liable to make IFRS-based financial statements. The Belarusian law stipulates for extra requirements for audit companies dealing with audit of IFRS-based financial statements and chief accountants of public interest entities. The accounting system modernisation currently in progress in the Republic of Belarus serves for the simplification and reduction of accounting procedures, adjustment of approaches to the recognition, classification and measurement of financial reporting elements. The test approbation of legislative and institutional changes in the Belarusian accounting system aimed at improving the investment climate, increasing the reliability of macroeconomic indicators, enhancing the information base for monitoring the financial position of entities, confirmed their high efficiency and practicability for unification of the information infrastructure at CIS and EAEU financial markets. The research outcome can be used in the elaboration of concepts related to formation of the uniform financial market within the framework of integration formations at the international level.

Keywords:international integration, legal aspects of accounting development, institutional aspects of accounting development

JEL: М41, M48

Rybak T. . Legal and institutional aspects of accounting development in the Republic of Belarus in the context of international integration / T. Rybak // Фінанси України. - 2018. - № 4. - C. 107-114.

Article original in English (pp. 107 - 114)

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