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RESOLUTION OF THE BOARD OF DIRECTORS OF NATIONAL BANK OF THE REPUBLIC OF BELARUS

of September 28, 2007 No. 296

About approval of the National accounting standard 7th "Cash flow statement" (NSFO 7)

(as of February 3, 2010)

For the purpose of accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2007 approved by the Presidential decree of the Republic of Belarus of November 30, 2006 No. 703, of the Development program of banking sector of economy of the Republic of Belarus for 2006-2010 approved by the Presidential decree of the Republic of Belarus of January 15, 2007 No. 27, and also based on article 26 of the Bank code of the Republic of Belarus the Board of directors of National Bank of the Republic of Belarus DECIDES:

1. Approve the enclosed National accounting standard 7th "Cash flow statement" (NSFO 7).

2. Declare invalid the National accounting standard 7th "Cash flow statement" (NSFO 7) for banks approved by the resolution of the Board of directors of National Bank of the Republic of Belarus of December 3, 2002 No. 387.

3. This resolution becomes effective since January 1, 2008 and is applied in case of creation of the financial reporting for 2007 and the next years.

 

Chairman of the board P. P. Prokopovich

Approved by the Resolution of the Board of directors of National Bank of the Republic of Belarus of September 28, 2007, No. 296

National accounting standard 7th "Cash flow statement" (NSFO 7)

Chapter 1. General provisions

1. The national accounting standard 7th "Cash flow statement" (7) (further - the Standard) is developed by NSFO for the purpose of accomplishment of the Main directions of monetary policy of the Republic of Belarus for 2007 approved by the Presidential decree of the Republic of Belarus of November 30, 2006 No. 703 (The national register of legal acts of the Republic of Belarus, 2006, No. 201, 1/8121), Development programs of banking sector of economy of the Republic of Belarus for 2006-2010 approved by the Presidential decree of the Republic of Belarus of January 15, 2007 No. 27 (The national register of legal acts of the Republic of Belarus, 2007, No. 16, 1/8268), and also based on article 26 of the Bank code of the Republic of Belarus and according to the International Financial Reporting Standard 7 "Cash flow statements" approved by Council for international accounting standards.

2. The requirements established by this Standard are obligatory for execution by the banks and non-bank credit and financial organizations of the Republic of Belarus created according to the legislation (further - banks).

3. The purpose of this Standard consists in the requirement of submission of information on changes in money and cash equivalents of bank for the accounting period and the period previous reporting by creation of the cash flow statement in which classification of receipts and payments of the money and their equivalents for the period received from operating, investing and financial activities is made.

4. For the purposes of this Standard following terms have the following values:

money - cash in Belarusian rubles and foreign currency, means on correspondent accounts in National Bank of the Republic of Belarus (further - National Bank);

cash equivalents - short-term highly liquid investments, readily convertible in known cash amount and the changes of their cost which are put insignificant risk;

non-cash transactions - the transactions made without use of money or their equivalents;

cash flows (further the term "money" will be understood more widely, covering both money, and cash equivalents) - receipts and payments of money arising in the course of activities of bank;

operating activiies - the main activities of bank, revenue-producing, and other activities which does not belong to investing or financial activities;

investing activities - activities of bank for acquisition and sale of the long-term financial investments in authorized funds of other legal entities, the securities withheld before repayment, fixed assets, the intangible assets and other non-current assets which are not relating to cash equivalents;

financial activities - the activities of bank leading to change in the amount of and/or equity composition.

The terms "functional currency", "currency rate", "foreign company" have the values determined by the National accounting standard 21 "Influence of changes of the currency rates" (NSFO 21) approved by the resolution of the Board of directors of National Bank of the Republic of Belarus of September 28, 2007 No. 297.

The term "control" matters, determined by the National accounting standard 27 "Consolidated and separate financial statements" (NSFO 27) approved by the resolution of the Board of directors of National Bank of the Republic of Belarus of December 27, 2007 No. 408.

5. The cash flow statement is obligatory component of the financial reporting of banks. Banks submit the cash flow statement for every period for which the financial reporting is submitted.

6. The purpose of the cash flow statement consists in disclosure of information on impact of operating, investing and financial activities of bank at size of its money for the corresponding accounting period.

The cash flow statement allows to provide users of the financial reporting with opportunity to estimate capability of bank to create money and to use them for conducting the transactions, repayment of obligations, providing the income for the investors.

7. Information on cash flow considered along with information from other forms of the financial reporting allows users to estimate changes in assets, obligations and equity (further - the capital) bank, its financial structure (including liquidity) and the capability of bank to influence the size and time of cash flow to adapt to the changing circumstances and opportunities.

Chapter 2. Structure of the cash flow statement

8. The cash flow statement separately shows the cash flows for the period classified by types of activity: operational, investment and financial.

9. The cash flows arising from operating activiies are result of transactions of bank and other events which influence forming of profit (loss).

Operating cash flows include:

gained interest incomes;

the paid interest expenses;

the gained commission income;

the paid commission expenses;

net income on transactions with foreign currency;

net income on transactions with securities;

income in form of dividends;

the other gained incomes;

the other paid expenses;

the paid income tax;

placement of money in National Bank and their return;

placement of money in securities (except the securities withheld before repayment) and their return;

placement of money in the form of the credits and placement of other money in banks and their return;

placement of money in the form of the credits to clients and their return;

placement of money in other operational assets and their return;

attraction of money of National Bank and their return;

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