Resolution of the Ministry of Finance of the Republic of Belarus No. 79 dated December 31, 2021 ‘On the Reporting Period for Reflecting Business Transactions in Accounting’ (hereinafter – Resolution No. 79) comes into effect on January 01, 2024.
In 2023, Resolution of the Ministry of Finance of the Republic of Belarus No. 55 ‘On the Date of Certain Business Transactions’ dated August 8, 2018 is in force.
According to the norms of Resolution No. 79, an organization (except for the National Bank, banks, the Development Bank of the Republic of Belarus Open Joint-Stock Company, non-bank credit and financial institutions, banking groups, and bank holding companies) shall record an economic operation (except for operations performed in respect of inventory items and construction works) performed in the reporting month, the execution of which has been completed with a primary accounting document:
– in the month following the month of its occurrence until the date of approval of the accounting statements for the reporting month (if the organization prepares monthly accounting statements) or other date of the month following the month of its occurrence, established by the provision on accounting policy of the organization (if the organization does not prepare monthly accounting statements), reflect in the accounting records in the reporting month;
– in the month following the month of its commission, after the date of approval of the accounting statements for the reporting month (if the organization prepares monthly accounting statements) or other date of the month following the month of its commission, established by the provision on the accounting policy of the organization (if the organization does not prepare monthly accounting statements), reflect in the accounting records in the order established for correction of errors by the National Accounting and Reporting Standard ‘Accounting Policy of the Organization, Changes in Accounting Records.
WHAT DOES THIS MEAN?
Reflection in accounting records of transactions in relation to inventory and construction work in 2024 will be carried out in accordance with the current procedure. The changes apply to services, work (other than construction work) and rent.
From 2024, it is important whether the primary accounting document for the current month’s transaction will be finalized before the due date of the next month.
Moreover
– For organizations that prepare monthly reports in accordance with the law, the deadline date is the date of its approval;
– for organizations that do not prepare monthly statements, such a cut-off date should be determined by the accounting policy.
If the primary accounting document is executed before the set deadline date, the transaction is recognized in the reporting month, if later – the transaction is recognized in the accounting records in accordance with the procedure established by IAS 80 for the correction of errors, i.e. in the month of execution of the primary accounting document by additional or reversing entry(s) in the relevant accounting accounts.
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