ACTUAL ISSUES OF STATEMENT PREPARATION UNDER INTERNATIONALFINANCIAL REPORTING STANDARDS

Abstract

The International Financial Reporting Standards ("IFRS") have official recognition in Belarus. Their adoption is compulsory for a number of entities. There is no still unified approach to the process of forming financial statements and disclosure of organizational mechanism of this complicated accounting process. The financial reporting process in each company is organized according to the specifics of its business and depends on many factors.

Traditionally, there are three methods that allow organizations to form financial statements in accordance with IFRS: the using of the independent parallel accounting, the translation of the accounting records, the transformation of the reporting. Each of these methods have both advantages and disadvantages, therefore, companies that start the process of statements preparing in accordance with the requirements of IFRS have to choose the best method for them.

The article attempts to substantiate the optimal approach of statements preparation in accordance with IFRS for companies in Belarus.