Finance Ministry approves methodological recommendations for implementing IFRSs

The Ministry of Finance approved methodological recommendations for switching from the National Accounting Standards to International Financial Reporting Standards (IFRSs).

The recommendations explain the procedure for implementing the IFRSs and how to draw up and present the first IFRS financial reports.

In a communique, the Ministry of Fiance says the given recommendations do not substitute the IFRSs, but constitute a practical and methodological support in implementing them. The recommendations regulate the process of adjusting the existing standards to the IFRSs only in bookkeeping. The modifications for fiscal purposes are made in accordance with the Tax Code. The recommendations apply to entities that implement the IFRSs for the first time and prepare and present the first IFRS financial reports.

They do not apply to the entities that already use the given standards.

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