PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of October 20, 2006 No. 622

About questions of revaluation of fixed assets, profitable investments in tangible assets, objects of construction in progress and the equipment to installation

For the purpose of the determination of single approaches to recovery of property value used by the organizations in economic activity and also individual entrepreneurs in business activity:

1. Determine that:

1.1. if other is not established by the President of the Republic of Belarus, revaluation (change in value) of the fixed assets, profitable investments in tangible assets, the equipment to installation (further, unless otherwise specified, - property) which are registered in financial accounting (the book of accounting of the income and expenses of the organizations applying simplified taxation system) is made according to the procedure, determined by the Ministry of Economics, the Ministry of Finance, the Ministry of Architecture taking into account requirements of this Decree:

concerning buildings, constructions and transfer devices - annually all organizations;

concerning the types of property which are not specified in the paragraph the second this subitem - according to the decision of the head of the organization;

1.2. revaluation of property is made for January 1 of the year following for reporting, for the period, passed from the date of the previous revaluation till December 31 of accounting year with reflection of its results according to the legislation in financial accounting (the book of accounting of the income and expenses of the organizations applying simplified taxation system) by the organizations (except National Bank, banks and the non-bank credit and financial organizations) on December 31 accounting year. The National Bank, banks, the non-bank credit and financial organizations reflect results of revaluation in financial accounting no later than the last working day of March of the year following for reporting in the reporting – for accounting year;

1.3. in case of revaluation of property of the organization apply the following methods:

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