Financial reports of Belarusian companies and banks prepared under International Financial Reporting Standards will become more attractive and easier to understand for foreign investors. This was announced by Director General of the Minsk office and partner of audit and consulting company "Deloitte" Andrei Surmach.
As of January 1, 2015 Belarus canceled the application of International Accounting Standard №29. Andrei Surmach explained that the application of this standard in the preparation of financial statements under IFRS significantly worsened the financial result of commercial organizations with a positive net cash position, which can be said of all Belarusian banks. It served as one of the reasons for the decline of their attractiveness to investors.
With the cessation of the standard situation will change for the better.
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