of July 12, 2013 No. 57-Z
About financial accounting and the reporting
Accepted by the House of Representatives on June 26, 2013
Approved by Council of the Republic on June 28, 2013
(In edition of the Laws of the Republic of Belarus of 04.06.2015 No. 268-Z, 17.07.2017 of No. 52-Z)
This Law determines legal and methodological basis of financial accounting, the requirement to creation and submission of the accounting and (or) financial reporting (further - the reporting).
For the purposes of this Law the following main terms and their determinations are applied:
assets - the property which arose in the organization as a result of committed economic activities from which the organization assumes receipt of economic benefits;
analytics - the disaggregated reflection of assets, obligations, equity, the income, expenses of the organization on analytical accounts of financial accounting;
financial accounting - system of continuous forming of information in value term on assets, obligations, about equity, the income, expenses of the organization by means of documentation, inventory count, accounting assessment, double entry on accounts of financial accounting, generalization in the reporting;
income - the increase in economic benefits as a result of increase in assets or reduction of obligations leading to the increase in equity of the organization which is not connected with deposits of the owner of property (founders, participants) of the organization;
national accounting standard and the reporting - the regulatory legal act determining accounting rules of assets, obligations, equity, the income, expenses of the organization and (or) disclosure of information in the reporting;
the socially significant organizations - the open joint stock companies which are founders of the unitary enterprises and (or) the main economic societies in relation to affiliated economic societies, banks and the non-bank credit and financial organizations (further - banks), insurance companies, joint-stock investment funds, management companies of investment funds;
obligations - the debt of the organization which resulted from committed economic activities which repayment will lead to reduction of assets or increase in equity of the organization;
the organizations – legal entities of the Republic of Belarus, their branches, representations and other separate divisions having separate balance, representative offices of the foreign and international organizations, holdings, particular partnerships (agreement parties about joint activities);
reporting date - the last calendar day of the accounting period;
the reporting - system of cost indicators about assets, obligations, about equity, the income, expenses of the organization, and also other information reflecting financial position of the organization on reporting date, financial results of activities and change of financial position of the organization for the accounting period;
the accounting period - the period for which the reporting is constituted;
source accounting document - the document based on which economic activity is reflected in accounts of financial accounting;
the chart of accounts of financial accounting - the systematized list of accounts of financial accounting;
users - the owner of property (founders, participants) of the organization, the investors, creditors, state bodies, other persons interested in the organization of information containing in the reporting;
professional judgment - the point of view and action of the chief accountant of the organization, the head of the organization in case, stipulated in Item 2 articles 7 of this Law, the organization or the individual entrepreneur rendering the services in financial accounting and reporting preparation accepted by the organization in case of financial accounting and reporting preparation which are stated by the organization in regulations on accounting policy and notes to the reporting;
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