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The document ceased to be valid since January 1, 2015 according to Item 3 of the Resolution of the Ministry of Finance of the Republic of Belarus of June 30, 2014 No. 46.

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of December 14, 2006 No. 161

About approval of regulatory legal acts on financial accounting

Based on the resolution of Council of Ministers of the Republic of Belarus of May 4, 1998 "About the State program of transition to international accounting standards in the Republic of Belarus" the Ministry of Finance of the Republic of Belarus DECIDES: No. 694

1. Approve enclosed:

Instruction for financial accounting of joint activities;

Instruction for financial accounting of investments into dependent economic societies;

Instruction for financial accounting of disclosure of information on affiliates.

2. This resolution becomes effective since January 1, 2007.

 

Minister

N.P.Korbut

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of December 14, 2006 No. 161

Instruction for financial accounting of joint activities

Chapter 1. General provisions

1. The instruction for financial accounting of joint activities (further - the Instruction) is developed in pursuance of the resolution of Council of Ministers of the Republic of Belarus of May 4, 1998 No. 694 "About the State program of transition to international accounting standards in the Republic of Belarus" (Collection of decrees, presidential decrees and orders of the Government of the Republic of Belarus, 1998, No. 13, the Art. 341), based on the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585 "Questions of the Ministry of Finance of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2001, No. 105, No. 5/9328).

2. This Instruction determines procedure for reflection of economic activities (further - transactions) in financial accounting by the commercial organizations (further - the organizations) when implementing joint activities, excepting banks and the non-bank credit and financial organizations of the Republic of Belarus.

3. This Instruction is not applied by the organizations in cases:

conclusions of the agreement on creation of economic group;

the conclusions of the agreement of particular partnership which is not connected with implementation by his participants of business activity.

4. For the purposes of this Instruction joint activities are understood as the business activity performed by two or more organizations based on the agreement on creation of economic partnership or the agreement of particular partnership (cooperation agreement) signed between them.

Chapter 2. Reflection in financial accounting of joint activities based on the agreement of particular partnership

5. Reflection in financial accounting of transactions is performed depending on the conditions provided in the agreement of particular partnership (cooperation agreement) (further - the agreement of particular partnership).

The following conditions can be provided in the agreement of particular partnership:

about jointly the performed transactions;

about shared assets;

about joint activities.

6. Financial accounting jointly of the performed transactions or shared assets according to the agreement of particular partnership about jointly the performed transactions or the agreement of particular partnership on shared assets can independently be performed by each of participants.

At the same time the participant to whom according to the specified agreements business management of this partnership is assigned or which receives revenue on activities of this partnership performs the isolated financial accounting and constitutes separate balance on the economic activities connected with joint implementation of transactions or joint use of assets and also fulfills the tax liabilities of these participants.

7. Jointly the performed transactions under the agreement of particular partnership the transactions connected with accomplishment by each agreement party of certain production phase of products, performance of works, rendering services are recognized.

8. In case of jointly the performed transactions participants use the assets belonging to them, perform the part of expenses and obligations, have the right to part of profit (losses) from sales of products, performance of works, rendering the services connected with implementation of joint transactions.

9. Expenses, obligations and assets on jointly to the performed transactions by each participant are reflected in the sub-accounts opened to the corresponding synthetic accounts of financial accounting. The participant monthly gives the expenses incurred by him, accrued obligations connected with jointly the performed transactions under the agreement of particular partnership to the participant to whom maintaining common causes or receipt of revenue is assigned. The specified economic activity in financial accounting of the participant is reflected in accounts of calculations.

10. The participant to whom it is entrusted maintaining common causes and the completing final stage of works on the agreement which is subject to obtaining by each agreement party financial result from sales of products, works, services less the fulfilled tax liabilities reflects in financial accounting as the obligation to participants.

11. Assets under the agreement of the particular partnership providing conditions about joint use of assets are recognized shared in case they are in common ownership of participants, and participants sign the agreement of particular partnership for implementation of business activity.

12. Participants provide separate financial accounting of the incurred expenses, accrued obligations as a result of joint use of assets. The assets belonging to participants on the right of equity property and brought as deposits continue to be considered by them on the corresponding accounts of financial accounting, according to the corresponding balance sheet items and as a part of the financial investments are not reflected.

13. Participants monthly give the incurred expenses and accrued obligations connected with joint use of assets under the agreement of particular partnership to the participant to whom maintaining common causes or receipt of revenue is assigned. The specified transaction in financial accounting of participants is reflected in accounts of calculations.

14. Participants the share of financial results received for the accounting period from joint use of assets under the agreement of particular partnership in financial accounting is reflected as a part of operating incomes or expenses.

15. Under the agreement of particular partnership providing conditions about joint activities, participants depending on conducting financial accounting of common property of participants and reflection in financial accounting of the transactions connected with implementation of joint activities are subdivided:

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