Accounting and accounting rules in Belarus

Accounting Rules

Tax Year

The fiscal year begins on January 1st and ends on December 31 of the same year.

Accounting Standards

Business accounting in Belarus is regulated by the Law on Accounting and Reporting, but accounting and reporting for self-employed entrepreneurs are regulated by a different act. The organization responsible is the Ministry of Finance. The norms are progressively being adapted to IFRS international norms. For more information, see the website of the National Investment Agency of The Republic of Belarus.

Accounting Regulation Bodies

Ministry of Finance

Accounting Reports

Enterprises must formulate annual statements and in certain cases interim monthly or quarterly statement. The annual and quarterly statements for commercial organisation consist of a balance sheet, an income statement, a statement of changes in shareholder equity, a cash flow statement and relevant notes on these statements.

Publication Requirements

Financial records must be sent to the tax authorities no later than March 31st of the year following the closure of accounts.

Professional Accountancy Bodies

Ministry of Finance

Certification and Auditing

Audits are compulsory for:
- Open join-stock companies
- Banks and credit and financial institutions
- Stock exchanges, commercial
- Companies with foreign investment, insurance companies and brokers
- HTP residents
- Companies responsible for the payment of guaranteed reimbursements of bank deposits
- Other companies who earned over EUR 5 million the previous reporting year.

You can contact an external auditor: Deloitte, Ernst & Young, KPMG.

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